Seneca Property has sold the Tower Mill Estate in Openshaw, Manchester, for £2.45 million to BR Property Group.
This strategic sale enables Seneca Property to reallocate capital to more profitable ventures.
Strategic Sale of Tower Mill Estate
Seneca Property has successfully completed the sale of the Tower Mill Estate located in Openshaw, Manchester. The mixed-use estate, which spans 22,400 square feet of retail and trade counter space, was sold to BR Property Group for £2.45 million. The site benefits from its prominent location on Ashton Old Road, near the Etihad Stadium.
Acquired by Seneca in 2018 for less than £1.90 million, the estate has since seen significant strategic enhancements aimed at increasing its value. According to Seneca Property’s CEO, Jeff Morton, this successful transaction allows the firm to reallocate capital to more lucrative opportunities and seek higher returns for its investors.
Enhancements and Improvements
During Seneca’s ownership, the Tower Mill Estate witnessed an increase in rental levels by 35% and improved income security. The team also managed to lease previously vacant plots at the rear of the estate to establish a reserve power facility. This facility was designed to support domestic energy production, thereby increasing the overall utility and attractiveness of the site.
As Managing Director Chris Bullough pointed out, the team’s concerted efforts have been crucial in boosting the estate’s rental income and security. ‘Our team’s dedication has ensured that we deliver returns ahead of the wider market performance,’ Bullough stated.
Advisory and Transactional Support
The sale of Tower Mill Estate saw the involvement of notable advisory firms. Fisher German provided advisory services to Seneca Property during the sale process, while PK3 represented BR Property Group.
These partnerships illustrate the high level of industry confidence in the estate’s value and future potential, further validating Seneca’s strategic development efforts.
Seneca’s Expanding Portfolio
Since its founding in 2017 by Jeff Morton and Chris Bullough, Seneca Property has built a robust commercial real estate portfolio exceeding £200 million. Their expansion strategy has been methodical, leveraging Morton’s extensive experience in the UK and European real estate markets.
Morton has an impressive career portfolio, having transacted over £3 billion worth of property. His previous roles have included senior positions at BlackRock and Merrill Lynch, further attesting to his expertise and industry standing.
Leadership at Seneca Property
Chris Bullough, who manages Seneca’s day-to-day operations, began his career at PwC in their Leeds and London offices. His hands-on approach and attention to operational details have been fundamental in driving the company’s success.
Under Bullough’s management, the company not only expanded its assets but also significantly improved income security and rental yields across its properties. This leadership team’s combined expertise has been pivotal in navigating the complexities of the real estate market.
Investor Confidence and Future Prospects
The sale of Tower Mill Estate aligns with Seneca Property’s long-term strategy to optimise investment returns through careful capital reallocation. By divesting assets that have reached their maximised value potential, Seneca can focus on new opportunities with higher yield prospects.
Looking ahead, the company’s strategy promises to maintain strong investor confidence. The commitment to strategically timed investments ensures continued growth and stability for Seneca Property’s portfolio.
Final Remarks
This transaction marks a significant milestone for Seneca Property, underlining a well-executed investment and divestment strategy. With a clear focus on enhancing value and achieving superior returns, the firm remains poised for continued success in the real estate sector.
In summary, Seneca Property’s sale of the Tower Mill Estate represents a well-strategised move to unlock capital for future high-yield investments.
This sale not only highlights their adept management but also sets the stage for further growth and success in the competitive real estate market.