Mussarat looks for upside with recruitment drive

MCR, the diverse property investor-developer owned by Aneel Mussarat, is stepping up its counter-cyclical expansion drive with recruitment of four new staff at its Manchester head office.

Jamie Hills has already joined as a surveyor having been a victim of Knight Frank's cost cutting in Manchester.

Three further positions will be advertised in the coming days: project manager, assistant quantity surveyor and building surveyor.

The newcomers would add 10% to the 40-strong team based in MCR's new head office off Wilmslow Road in South Manchester.

Mark Hayes, investment director, said: "We have a counter-cyclical view and are trying to spin the market to our advantage by acquiring properties where the values are moving down.

"There are residential guys, especially, who have to sell whereas we hold and rent and roll cash into the next scheme."

The group's portfolio reached the £1bn mark earlier this year after a spate of acquisitions including offices at No. 2 Moorfields in Liverpool city centre for £10.75m and 2 Brindley Road, Manchester for £7.5m.

Mussarat made his fortune from student accommodation before re-branding his business MCR and concentrating more on commercial space over recent years. The £1bn valuation is based on £700m of investment assets and a development programme with an end value of £300m.

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