Investor Seneca Property has sold The Lakehouse at Cheadle Royal Business Park in south Manchester to its occupier Seda Pharmaceutical Development Services for an undisclosed price.
The Lakehouse at Cheadle Royal Business Park
The asset spans almost 40,000 sq ft and occupies a lakeside position on the 67-acre business park.
Seneca acquired the building in 2016 when it was fully let to Balfour Beatty. Following the contractor’s departure, the firm repositioned the asset, letting it to Seda in May 2023.
Seda has since invested £8m to transform the building into a life sciences manufacturing facility supplying medicinal products to biotechnology companies globally.
The Lakehouse deal is the latest in a series of sales by Seneca over the past 12 months, including six disposals across Hull, Burnley, Bolton and Preston.
“The sale highlights the strength of our value-add approach,” said Chris Bullough, managing director of Seneca Property.
“By securing Seda and supporting the repositioning of the building into a specialist life sciences facility, we have delivered a positive outcome for both parties.”
Seneca Property chief executive Jeff Morton added: “Alongside a number of other recent disposals, this transaction reflects our focus on actively managing the portfolio and recycling capital into new opportunities.”
He added: “With three acquisitions already completed this year, we are making good progress sourcing new investments and have a further £25m to deploy over the coming months in similar opportunities.”
CBRE advised Seneca Property while TLT provided legal advice.
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