£10m+ sale agreed, delivering c.20% investor profit in less than 2 years

“This was a great example of where Seneca was able to back our judgement and commit capital to unlock value for investors, investing our own capital alongside a large family office to secure a quick transaction at the best possible price. The subsequent bank valuation has validated this, having shown a £1.2m+ uplift on our purchase price.” Jeff Morton MRICS, Seneca Property CEO

 

Investment info

Investment Name: Seneca Property 105
Property address: Tesco Supermarket, Kennedy Way, Immingham, North East Lincolnshire, DN40 2SL
Size: 45,286 sq ft
Tenant: 100% let to Tesco Stores Limited
Annual Rental Income: £771,007
Purchase price: £8,250,000
Agreed Sales Price: £10,075,000
Gross Profit: £1,825,000 (22%)

 

  • 45,000 sq ft recently constructed supermarket, with 308 car park spaces located at the heart of town centre.
  • Leased on a 25 year lease to Tesco Stores Limited, with 10 years until the first break opportunity, and RPI rental uplifts.
  • We moved quickly on behalf of, and alongside, a large family office investor to secure this property during the early stages of the Covid pandemic in April 2020.
  • By moving quickly and committing our own capital towards securing the deal, we were able to agree an attractive price which has subsequently been upwardly valued by the lender’s own valuation by some £1.2m+.
  • Since acquisition, our investor has enjoyed a quarterly, double-digit, cash distribution alongside the potential for further capital uplift upon delivery of our business plan.