Seneca Property, the specialist real estate investor based in the North West, has completed the acquisition of the freehold, 55 Princess Street in Manchester.
The six-storey, 57,000 sq. ft. office occupies a prime spot between Albert Square and St Peter’s Square and houses tenants including law firm Trowers Hamlin whilst offering a ground floor retail unit occupied by Tesco.
The purchase price hasn’t been revealed however it is known that JLL were marketing the property for more than £20m during 2023, with the property having been acquired by Abrdn for £21.8m in 2015.
Seneca Property were advised on the purchase by Darren Hamer at Hill Dickinson (Legals).
Jeff Morton, Seneca Property CEO said, “This purchase demonstrates Seneca’s ability to identify potential within high-quality, well-located assets where we believe we can bring significant value through our active management strategy. We are actively evaluating other such investment opportunities where we can offer sellers transactional speed and execution certainty.”
Chris Bullough, Seneca Property MD added, “There remains significant demand for high-quality and well-located Manchester offices such as 55 Princess St, and we are looking forward to working with the occupiers to further enhance a top-quality working environment. We also look forward to the completion of the ongoing works to Albert Square and Manchester Town Hall which will provide a stunning backdrop to the property for years to come.”
