Industrial outdoor storage (IOS) investment manager Modal has secured a 10-year lease extension with builders merchant MKM at its site on Stoneferry Road, Hull.
The agreement extends MKM’s lease commitment at the 3.6-acre site to 21 years.
Matt Sherlock, partner at Modal Property, said: “This agreement with MKM highlights the strength of demand from major occupiers for well-located IOS assets. MKM is a market leader with deep roots in Hull, and its long-term commitment to Stoneferry Road underscores the critical importance of this site to its UK-wide operations.
“For Modal, our proactive asset management has secured another long-term extension with a leading institutional-grade tenant and reflects our mission to institutionalise the IOS sector, providing enduring value for both tenants and investors”.
Nicola Ollett, marketing director at MKM, added: “Stoneferry Road has been at the heart of MKM’s growth story since day one. As we continue to grow, this site remains a key home for our central support team. Extending the lease reinforces our long-term commitment to Hull and secures the future of a location that continues to drive real commercial value. Working with Modal gives us the confidence to keep investing and delivering for our customers.”
