Real estate investment firm Seneca Property has completed the acquisition of the freehold interest in Lawnswood Business Park in north Leeds, with plans for a significant programme of investment aimed at enhancing the 150,000 sq ft office estate and attracting new occupiers.
The freehold estate was marketed by Knight Frank and ACRE with a guide price of £20m, although the final purchase price has not been disclosed.
Comprising eight detached office buildings set within more than nine acres of mature landscaped grounds, Lawnswood occupies a prominent position on the Leeds Outer Ring Road, approximately five miles from Leeds city centre.
The park is currently 81% occupied by 17 tenants, including local, national and international businesses.
Haydock-based Seneca’s plans include refurbishing existing accommodation, creating smaller, fully-fitted office suites and exploring opportunities to improve the buildings’ environmental performance and wider occupier experience.
The investment and asset management programme will be led by Seneca Flex, the group’s specialist workspace business, combining proactive leasing, direct occupier engagement and targeted capital investment to enhance the estate’s performance and long term appeal.
Jeff Morton, Seneca Property CEO, said: “Lawnswood is a significant addition to our portfolio and a good example of the opportunities we continue to identify in the office sector. We focus on well-located, prominent assets with strong fundamentals and established occupier demand, where our hands on approach to asset management can unlock further potential.
“Our approach goes beyond simply acquiring buildings. We invest in improving our properties, work closely with occupiers and focus on delivering accommodation that meets their changing needs.”
He added: “Lawnswood is an excellent example of where we believe this approach can deliver real value.”
Chris Bullough, Seneca Property managing director, said: “Lawnswood is already a successful and well-established business park, but we see significant opportunities to enhance the accommodation and broaden its appeal to prospective occupiers.
“A key part of our strategy will be introducing high quality fitted office suites, allowing businesses to move into modern, ready-to-occupy accommodation without the time and expense of undertaking their own fit-out.”
He added: “Alongside this, we’ll be investing in the existing buildings and working closely with occupiers to ensure we’re delivering the accommodation and services they need, further strengthening Lawnswood’s position as one of north Leeds’s leading business destinations.”
Office accommodation is currently available at Lawnswood Business Park, with suites ranging from approximately 1,000 sq ft to 10,000+ sq ft.
ADSre advised Seneca Property on the acquisition.
