Seneca sells Tower Mill Estate for £2.45m
Seneca Property sold the mixed-use estate in Openshaw to BR Property Group.
Tower Mill Estate is located on a two-acre site off Ashton Old Road and comprises 22,400 sq ft of multi-let retail and trade counter space. Current tenants include Machine Mart, Crown Paint, and Bodyline Clinic.
Seneca acquired the estate in 2018 for less than £1.9m, with a strategic plan to increase its value.
During this time, Seneca increased rental levels by 35%, improved income security, and leased vacant land to create a reserve power facility at the back of the site, the company said.
Jeff Morton, chief executive of Seneca Property, said: “We are delighted to have executed our business plan and achieved a successful sale.
“The letting to create the reserve power facility solidified the investment’s maturity, and the sale now allows us to reallocate capital toward new opportunities offering high returns.”
Chris Bullough, managing director of Seneca Property, added: “Our team’s efforts over the past few years have been instrumental in improving the income security and rental levels at Tower Mill in order to deliver investor returns that are ahead of wider market performance during this period.”
Fisher German advised Seneca on the sale, while PK3 represented BR Property Group.
