The building
Woking One is a prominent freehold building in the centre of Woking. It extends to about 54,815 sq ft, with flexible workspace on the upper floors, a fully let ground floor of shops and a small residential element.
The investment
Seneca Property bought the building for about £12.5m at a yield of about 12 per cent. We introduced family office and private co investors to the deal.
Why it worked
Commuter town offices have been out of favour with institutions, which has left good buildings priced at high yields. A mixed income from offices, retail and residential spreads the risk, and the flexible workspace can be managed actively as demand changes.
Woking One is the fifth and largest acquisition in our series with Seneca, following Preston, Maidenhead, Guildford and Bristol.
Past performance is not a guide to future returns.
To hear about future co investments, call James Innes on 020 7850 4760 or email james.innes@chrystalcapital.com.