A landmark town centre building which Woking Borough Council bought for £27million less than a decade ago has been snapped up by a property investment firm.

Seneca Property wants to “further enhance” Woking One after acquiring the mixed-use building opposite the station following its sell-off by WBC.

The firm completed the purchase of its freehold interest after offers in excess of £12million were invited in a process conducted by Knight Frank and Curchods.

The sale comes less than eight years after WBC snapped up the building for £27million following a comprehensive redevelopment in 2018 which created a mix of office, residential and retail space.

The block, which includes Costa and Foxtons at ground floor level, has been described as a “gateway site” by its new owners, being located in a prime position opposite the town centre side of the station.

It includes around 40,000 sq ft of office space let to flexible workspace operator SPACES, 15,000 sq ft of retail accommodation and six apartments.

The new owners have heralded their acquisition of a “highly visible landmark” in the heart of Woking with the block also benefiting from exceptional connectivity and 25-minute direct rail services to London Waterloo.

“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,” said Jeff Morton, CEO of Seneca Property.

“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.”

More deals are possible as Mr Morton revealed his firm has £25million of equity capital to “deploy immediately” with further “high-quality investment opportunities being sought.

“This acquisition reflects Seneca’s continued focus on well-located assets with strong fundamentals and asset management potential” said the firm’s managing director, Chris Bullough.

“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 has invested more than £200million in real estate opportunities throughout the UK since being founded in 2017.

Few readers will need reminding that WBC is selling off many of its assets as it continues to grapple with the “sobering” reality of its finances, with the Hilton Hotel, Victoria Square, Wolsey Place and Alexander House all being offloaded.