Seneca Property, a North West-based property group, is planning a £100m investment in UK offices following a year of significant portfolio growth that included its first acquisition in the Greater London market. The company, headquartered in Newton-le-Willows, has completed approximately 200,000 sq ft of office acquisitions across the West Midlands, Surrey, Bristol, and Manchester in recent months.
First Greater London Deal Marks Milestone
The group recently acquired an office complex in Richmond, southwest London, in an off-market transaction. Seneca described the deal as “an important milestone in the continued expansion of the company's portfolio.” The acquisition underscores the company's strategy to target high-quality office assets in markets with strong occupational fundamentals and long-term growth potential.
Chris Bullough, managing director of Seneca Property, said: “Over the last year we have significantly expanded our office portfolio through a number of strategic acquisitions in markets where we see strong occupational fundamentals and long term growth potential. Our first investment in Greater London represents an important milestone for Seneca. Richmond is an exceptional location with a strong occupier market, excellent connectivity and an attractive business environment, making it a natural fit for our investment strategy. The transaction was sourced off-market and demonstrates the strength of our relationships and ability to identify attractive opportunities in highly competitive markets.”
Targeting £100m in Further Investments
Seneca is now targeting approximately £100m of further investment over the next 12 months. The group is considering additional acquisitions in Greater London and key regional English markets, expecting more deals this year. Bullough added: “We continue to see attractive opportunities across the UK where active asset management and a focus on occupier experience can create meaningful value. The market remains highly fragmented and we believe there is a compelling opportunity to acquire quality assets at attractive pricing.”
Confidence in Office Sector Despite Market Caution
Jeff Morton, chief executive of Seneca Property, expressed confidence in the office sector despite broader investor caution. He said: “At a time when many investors remain cautious towards the office sector, we are seeing some of the most compelling buying opportunities we have encountered in recent years. We believe current market conditions provide an attractive entry point for high-quality assets with strong long-term fundamentals. Demand for high-quality workspace remains resilient, driven by businesses seeking the best environments for their employees and customers.”
Morton highlighted the company's ability to source off-market opportunities, saying: “Our recent acquisitions, including a number of off-market opportunities, demonstrate both the strength of our sourcing network and our ability to execute transactions across a range of markets, giving us confidence in our ability to continue growing the portfolio over the coming year.”
