Seneca Property, a leading North West-based property investor, has successfully sold the Tower Mill Estate in Openshaw, Manchester to BR Property Group for £2.45 million.
Tower Mill is a freehold, mixed-use estate comprising 22,400 square feet of multi-let retail and trade counter space. The property is situated on a prominent 2-acre site on Ashton Old Road, Openshaw.
Seneca acquired the estate in 2018 for less than £1.90 million and has since implemented a strategic plan to enhance its value. During its ownership, Seneca increased rental levels by 35%, improved income security, and successfully leased previously vacant land at the rear of the site to create a reserve power facility to support domestic energy production.
Jeff Morton, CEO of Seneca Property, commented, “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, MD 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.
About Seneca Property
Founded in 2017, Seneca Property is a dynamic property investment firm specializing in the North West of England. With a proven track record and a portfolio exceeding £200 million, Seneca has established itself as a trusted partner in the commercial real estate market.
Seneca’s team of experienced professionals brings together decades of expertise in property investment, advisory, and financial services. The company’s focus on delivering exceptional returns and value-added solutions has enabled it to attract a growing investor base.
Jeff Morton MRICS, CEO of Seneca Property
Jeff is a Chartered Surveyor with 35 years of real estate experience in UK and Europe which has seen him transact in excess of £3bn worth of property. Prior to founding Seneca Property, Jeff held a number of high-profile roles including time served as Managing Director and Head of Investment at BlackRock and Merrill Lynch respectively.
Chris Bullough FCA, MD of Seneca Property
Chris is a Chartered Accountant who co-founded Seneca Property with Jeff Morton in 2017 and maintains responsibility for day-to-day operations. Chris has worked alongside Jeff for the past decade, transacting more than £500m of deals along the way. Chris began his career with PwC, working in the Leeds and London offices.
