Seneca Property Acquires Landmark Mixed-Use Asset in Woking

North West property investment firm secures prominent Woking station-front mixed-use asset following a competitive bidding process Seneca Property, the highly acquisitive North West private property investment company, has successfully completed the purchase of the freehold interest in Woking One, the landmark mixed-use building located in a prime position directly opposite Woking railway station and forming a gateway site into the town centre. The property was sold by Woking Borough Council following a competitive bidding process conducted by Knight Frank and Curchods, with quoting guidance of offers in excess of £12 million.Woking One provides approximately 60,000 sq ft of accommodation including around 40,000 sq ft of office space let to flexible workspace operator SPACES, approximately 15,000 sq ft of retail accommodation let to seven tenants including Costa Coffee and Foxtons at ground floor level, and around 5,000 sq ft of residential accommodation arranged across six apartments. The building underwent a comprehensive redevelopment in 2018 when it was stripped back to the structural frame and extensively refurbished to create modern Grade A workspace alongside retail and residential accommodation. The building was subsequently acquired by Woking Borough Council for approximately £27 million. Occupying a prime position directly opposite Woking railway station, the building benefits from exceptional connectivity with direct rail services to London Waterloo in approximately 25 minutes. The property forms a highly visible landmark within the town centre and sits at the heart of Woking’s commercial and retail core. Seneca Property intends to work with local stakeholders to further enhance the building as part of Woking’s continued regeneration. Jeff Morton MRICS, CEO of Seneca Property, commented: “Woking One is an important building within the town centre and we are very pleased to have secured the acquisition following a competitive bidding process. Woking is a town I know particularly well having lived there for more than 25 years, and we look forward to working with local stakeholders to further enhance the building and support the town’s continued regeneration. We currently have £25m of equity capital available to deploy immediately and are actively seeking further high-quality investment opportunities.” Chris Bullough, Managing Director of Seneca Property, added: “This acquisition reflects Seneca’s continued focus on well-located assets with strong fundamentals and asset management potential. Woking One occupies one of the most prominent positions in the town centre and provides an excellent opportunity to enhance an already high-quality building.” Seneca Property, founded in 2017, has invested more than £200 million across a broad range of opportunistic real estate opportunities throughout the UK.