North West based Seneca Partners have teamed up with Perscitus Advisers, the family office of private equity veteran Jon Moulton, to complete the acquisition of the Lakeside 5000 office building located in Cheadle, close to Manchester Airport.
The 40,000 sq ft head office property, is currently single-let to Balfour Beatty on a long-term lease, and is operated as the firm’s regional headquarters.
The building has prominent frontage and is well located at the heart of Cheadle Royal, the North West’s premier out of town Business Park, situated within the prosperous commuter belt of South Manchester.
The purchase price has not been revealed although it is believed that the property was being marketed by the Manchester office of Cushman and Wakefield for close to £10m.
Craig Barton, Director of Investment Agency at Cushman & Wakefield who led the disposal, said “Our client was delighted with the speedy performance of the buyer. The asset represented quite a binary investment for them being single let, but due to the high quality nature of Cheadle Royal Business Park we attracted competitive interest during the sale process.”
Despite increasing competition from city centre developments, the South Manchester out-of-town office markets have proven to be incredibly resilient over the last five years and continue to witness strong levels of demand.
The acquisition represents an expansion in to commercial property for Seneca’s property division which has historically focused on property bridging loans, with the deal taking Seneca’s total property exposure to over £40m. Edgemoor Estates advised the JV throughout the deal and is working on further acquisitions.
Steve Charnock, Head of Property Investment at Seneca, said: “Lakeside 5000 represented an excellent opportunity to acquire a modern, well-located office building, leased to a large blue chip organisation. As well as our established debt and equity investment platforms, we are continually on the lookout for new strategic investment opportunities such as this, on behalf of our investors.”