Seneca takes bullish view on offices with £100m spending pledge

The Haydock-based investor is seeking to deploy capital to acquire workspace across the UK, seeing opportunity while others remain cautious about the sector’s outlook.

Seneca Property said it will spend around £100m on offices over the next 12 months. The firm is eyeing assets in both Greater London and regional cities that can benefit from refurbishment, repositioning, and enhanced occupier amenities, it said. 

Seneca recently acquired its first office in Greater London, the 17,000 sq ft Evergreen Studios in Richmond, and in March snapped up the 12,000 sq ft Queens Court in Manchester. The firm also owns 55 Princess Street in Manchester, which it bought from Aberdeen Investments in 2024. Seneca also has assets in Solihull, Leeds, and Hull. 

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.  

“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.” 

Jeff Morton, chief executive of Seneca Property, explained the rationale behind the £100m investment drive. 

“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,” he said. 

“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.” 

“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.”