Sold

Newport- Hotel Investment with 15 Years Unexpired to Travelodge

Travelodge Newport, Bridge Street, Baneswell, Newport, NP20 4AP

Offers in the region of £3,700,000

Property Type:
Commercial
Tenure:
Freehold
Net Initial Yield:
7.70%

Income

£305,534 PA

Description

  • Newport is a Cathedral and university city in south east Wales.
  • The property benefits from a prominent position in the heart of Newport adjacent to Newport Rail Station and Newport City Centre.
  • 62 bedroom hotel over ground and two upper floors.
  • Low hotel supply in Newport.
  • 15 minute by train to Cardiff.
  • Let to Travelodge Hotels Ltd on a 25 year lease from13 February 2009 expiring on12 February 2034 with a landlord option to extend for a further 5 years.
  • Attractive unexpired lease term of approximately 15 years.
  • 5 yearly uncapped RPI indexed linked rent reviews.
  • The next review is 13 February 2024.
  • Travelodge rent of £280,534 equating to £4,525 per room.
  • Travelodge have fully redecorated externally in 2021.
  • The property includes an 8,500 sq ft vacant leisure unit, the vendor will provide a one year rental guarantee for £25,000.
  • Total rent of £305,534 per annum.
  • Freehold.
  • Part of the ground floor comprising 4 retail units has been sold off long leasehold.

Subject to contract