Core 100% prime CBD location in Birmingham the UK's second city
Freehold 152 bed hotel with ground floor bar / restaurant.
Let to Premier Inn Hotels Limited and guaranteed by Whitbread Plc on an FRI lease expiring on 18th May 2035 with a tenant’s break on 19th May 2030.
Current rent of £1,166,795 per annum equating to £6,557 per bedroom after allowing for a rent on the ground floor bar / restaurant of £170,000 per annum equating to £40.00 per sq ft GIA.
Next rent review on 18th May 2020 to the CPI index capped at 5.00%. Estimated reversion £1,295,507 per annum.
Agreed deal to vary the lease to provide 20 years term certain. Further details on request.
For the year ending March 2016 Whitbread reported turnover of £2.291 billion, pre-tax profit of £495 million and net worth of £2.655 billion.
Offers in excess of £23,000,000 (Twenty Three Million Pounds) subject to contract and exclusive of VAT, reflecting a net initial yield of 4.75% and an estimated reversion in 2020 to 5.28% after the deduction of purchaser’s costs of 6.75%.
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