Opportunity to acquire a modern Town Centre leisure scheme anchored by a major UK covenant.
A modern 87 bedroom Budget Hotel, and 3 ground floor leisure/retail units extending to 1,231.24 sqm (13,253 sq ft).
Freehold.
The Development is anchored by Travelodge Hotels Ltd with approximately 17.65 years to expiry subject to five yearly uncapped RPI linked reviews.
Travelodge Hotels Ltd (Company No:00769170) has a D&B rating
of 5A1.
Total passing rent of £535,357 per annum with an AWULT 14.21 years to break and 16.33 years to lease expiry.
74% of the income is secured against Travelodge, D&B 5A1 covenant.
Offers are invited in excess of £7,600,000 (SEVEN MILLION SIX HUNDRED THOUSAND POUNDS) subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 6.6% after allowing for usual purchasers costs at a rate of 6.6%.
