- Multi-let investment
- Commercial
- £50million
- North of England
Victoria Mill
Victoria Mill is a great example of having to be adaptable to rapidly changing circumstances. We had a clear business plan in mind when we acquired the property, but nevertheless Covid-19 required us to react quickly and flexibly to ensure we delivered the right outcome.
Chris Bullough ACA, Seneca Property & Biz Hub MD
Fully-let investment
Commercial
£3million
North of England
- Property address: Victoria Mill, 8 Windmill St, Macclesfield, SK11 7HQ
- Size: 28,000 sq ft
- Tenant: 100% let to Ashfield Healthcare, part of the UDP Healthcare PLC
- Annual Rental Income: £310,000
- Purchase price: £2.6m
- Agreed Sales Price: £3.5m
- Gross Profit: £900,000
Victoria Mill
Victoria Mill is a 28,000 square foot office building which was acquired in 2019 for £2.6m. The property is well-located in central Macclesfield, Cheshire with good car parking and access to nearby rail links.
The tenant has been in occupation for c.20 years and our research identified that this was key strategic location for them with limited available competition.
Despite the onset of Covid just 12 months into our ownership, we were able to restructure the lease with the existing tenant to add a further 9 years to their term.
In 2021, after two years of ownership we were able to sell the property for £3.5m, with investors having also enjoyed the benefit of the rental income during the hold period.