Seneca Property recently announced the sale of its Tower Mill Estate in Openshaw, Manchester, for £2.45 million. This significant transaction marks a notable achievement for the property investment arm of the finance group, as they aim to channel the capital into new high-return opportunities.
Acquired in 2018 for less than £1.90 million, the Tower Mill Estate has undergone substantial value enhancement under Seneca’s ownership. The mixed-use estate, spanning 22,400 square feet, has been a key asset in their portfolio.
Strategic Sale of Tower Mill Estate
Seneca Property has successfully divested its Tower Mill Estate in Openshaw, Manchester, for an impressive sum of £2.45 million. The mixed-use estate, spanning 22,400 square feet, is strategically located on Ashton Old Road, in close proximity to the Etihad stadium. Acquired in 2018 for under £1.90 million, the property has experienced a significant enhancement in value under Seneca’s stewardship.
Enhancements and Value Addition
During its ownership, Seneca Property implemented a meticulously planned strategy to increase the estate’s value. Rental levels were raised by 35%, and income security was significantly improved. A notable achievement was the successful leasing of previously vacant land at the rear of the site, which has been transformed into a reserve power facility, bolstering domestic energy production.
Comments from Seneca Property Executives
Jeff Morton, CEO of Seneca Property, expressed his satisfaction with the sale. He remarked that the transaction will “allow us to reallocate capital” towards new opportunities that promise substantial returns for investors.
Chris Bullough, Managing Director of Seneca Property, attributed the estate’s enhanced income security and rental levels to the diligent efforts of his team. He noted that their work has delivered investor returns surpassing the wider market performance during this period.
Advisors Involved in the Transaction
The sale saw professional advisory services from notable firms. Fisher German advised Seneca on the transaction, while BR Property Group was represented by PK3.
These strategic partnerships ensured a smooth transaction process, reinforcing the importance of expert advisory roles in high-value property deals.
Seneca Property’s Growth and Leadership
Since its inception in 2017, Seneca Property has amassed a commercial real estate portfolio exceeding £200 million. This impressive growth trajectory is underpinned by the vast experience of its founders.
Jeff Morton, with over 35 years of experience in UK and European real estate, has transacted over £3 billion worth of property. His illustrious career includes prominent roles such as Managing Director at BlackRock and Head of Investment at Merrill Lynch, among others.
Chris Bullough, responsible for day-to-day operations at Seneca Property, began his career with PwC and has been instrumental in the firm’s steady growth. Together, Morton and Bullough have positioned Seneca Property as a formidable player in the commercial real estate sector.
The sale of Tower Mill Estate epitomises Seneca Property’s strategic foresight and adept property management skills. By enhancing rental values and income security, they have demonstrated an ability to significantly amplify asset value.
This transaction not only underscores their commercial acumen but also sets a precedent for future investments, ultimately benefiting their investors with robust returns.