Northwest based Seneca Property has completed its second significant purchase since launch in September with the freehold acquisition of Brightgate House, 1 Brightgate Way, Trafford Park, Manchester, M32 OTB from London & Oriental, its second significant acquisition since launch in September this year, with further completions currently progressing.
Brightgate House is a freehold grade A office building comprising 22,003 sq ft and situated in a highly prominent position, with direct road frontage to Barton Dock Road close to the Trafford Centre and Junction 9 of the M60. The property is let to Markem – Imaje and M2 Digital on 10 year leases with a total AWULT of five years to break. Seneca Property was given exclusivity on the transaction due to its reputation for completing acquisitions quickly and efficiently, whilst working collaboratively with vendors.
Jeff Morton Managing Director of Seneca Property said, “We are delighted to have acquired Brightgate House which is an excellent office investment in a highly visible location with strong institutional property fundamentals. This purchase follows on from our £20m acquisition of the Biz – Hub serviced office business in September and sits alongside several other deals currently in lawyer’s hands and due to exchange or complete pre-Christmas. We continue to have significant firepower and are actively seeking further opportunities in all asset classes.”
London & Oriental were represented by Christopher Dee LLP and Hague Nicholls Ltd. Seneca Property’s legal advice was provided by TLT LLP.
About Seneca Property
Seneca Property is an independent real estate investor which seeks to provide exceptional income and growth investment opportunities for investors. We invest right across a range of sectors including office, retail, leisure, industrial, residential and healthcare with a typical deal size of c.£2m-20m. Joint Founding Equity Partner and Managing Director is Jeff Morton MRICS who was previously a BlackRock MD and Head of Investment for the £3Bn UK Property Fund. Co Founder and equity partner is Chris Bullough ACA who was previously Head of Transactional at Henley Investments. Both Chris and Jeff worked together at Henley until 2016. Seneca Property is opportunistic in its approach to investing, and considers a range of structures including joint ventures with seasoned investment professional and dynamic entrepreneurs. For all deals Seneca Property aims to generate above average, risk adjusted rates of return for investors, having also identified downside risks to demonstrate how equity is protected.