Property group expands portfolio with latest office development acquisition

Haydock-based Seneca Property, the property investment arm of finance group Seneca, has acquired a freehold office building, in the heart of Guildford town centre, in a deal for around £6.5m.

Tempus Court is a prestigious freehold office building which was previously traded in 2015 for £10.5m.

But the figure Seneca has paid is believed to be significantly lower, with the property having been marketed at an asking price of £6.5m by Knight Frank, acting as advisor to the seller, Columbia Threadneedle.

Tempus Court is a modern five-story office building spanning 25,000 sq ft, and its immediate proximity to Guildford rail station has ensured it has proven popular with tenants, with the building currently running at close to 100% occupancy.

The purchase follows Seneca’s recent acquisition of The Place, Maidenhead, and reinforces Seneca’s strategic focus in this sector.

Jeff Morton, CEO of Seneca Property, said: “This prime Guildford asset aligns perfectly with our strategy of acquiring high quality office buildings in strategic locations, which we believe represent excellent long term value.

“We have a further £25m to invest on suitable opportunities.”

Chris Bullough, Seneca Property MD, said: “2024 has been Seneca’s most successful ever year with income and occupancy at record levels throughout our office estate, as tenants are attracted by the quality of the product and service we offer.

“We believe Tempus Court is perfectly positioned to benefit from this same management approach over the coming years.”