The partner
Seneca Property is an independent real estate investor seeking income and growth opportunities across offices, retail, leisure, industrial, residential and healthcare.
What we did
We introduce family offices and private investors to each Seneca acquisition. Our investors choose deal by deal, with the work of sourcing, negotiating and managing done by the manager.
The acquisitions
Premier Inn, Preston: bought for £7m in 2023, sold to Epsicap REIM for £9.75m
The Place, Maidenhead: a £6m town centre office with a high EPC rating
Tempus Court, Guildford: bought for about £6m at a yield of about 12.5 per cent, with seven tenants
200 West, Bristol: bought for about £6m at a yield of about 11.3 per cent, eleven office suites rated EPC A or B
Woking One, Woking: bought for about £12.5m at a yield of about 12 per cent, 54,815 sq ft of mixed use space
The approach
Each deal is structured for a significant initial cash yield on equity, of around 10 per cent, and a target net IRR above 20 per cent over a three year horizon. The common thread is good regional buildings, bought well, with income in place and room for asset management.
The outcome so far
Five acquisitions since 2023 and a first exit at Preston, sold for £2.75m more than it cost.
Past performance is not a guide to future returns.
If you would like to hear about future co investments, call James Innes on 020 7850 4760 or email james.innes@chrystalcapital.com.