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Premier Inn Bishop’S Stortford Station Road, Herts

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Premier Inn Bishop’S Stortford Station Road, Herts PREMIER INN BISHOP’S STORTFORD STATION ROAD, HERTS Prime Hotel Forward Funding Investment Opportunity PREMIER INN BISHOP’S STORTFORD STATION ROAD, HERTS INVESTMENT SUMMARY • Forward funding opportunity to acquire a new 85-bedroom Premier Inn Hotel with a 839 sq. ft. ground floor retail unit • Located in the centre of Bishop’s Stortford, an affluent market town with excellent transport links to central London • Situated within a six hectare mixed-use regeneration area located adjacent to Bishop’s Stortford train station • The hotel will be let to Premier Inn Hotels Ltd for a term of 25 years from practical completion with a tenant break in year 20 • The hotel’s initial rent will be £378,250 (£4,450 per bed) per annum and is subject to 5 yearly CPI linked rent reviews • We anticipate the retail unit being let for £16,780 per annum during the construction period. The developer will provide a two year rent guarantee from PC if required • Freehold • PC due September 2020. Planning permission granted & Agreement for Lease signed We are seeking offers in excess of £8,690,000 (Eight Million Six Hundred and Ninety Thousand Pounds) on a traditional forward funding basis subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 4.42% assuming purchasers costs of 2.77% and a low capital value per bed of only £99,500. North-east corner of the hotel PREMIER INN BISHOP’S STORTFORD STATION ROAD, HERTS BISHOP’S STORTFORD MUSEUM TOWN CENTRE/ JACKSON SQUARE SHOPPING RIVER STORT 5 MIN WALK ANCHOR STREET LEISURE PARK GOODS YARD DEVELOPMENT SITE NEW BUS STATION PREMIER INN SITE STATION ROAD BISHOP’S STORTFORD TRAIN STATION ALDI WARWICK ROAD LONDON CAMBRIDGE LIVERPOOL STREET 45 MIN DRIVE 35 MIN TRAIN 40 MIN TRAIN JOURNEY JOURNEY STANSTED AIRPORT 12 MIN DRIVE 12 MIN TRAIN JOURNEY Cambridge A423 Bedford A1 A5 A43 Banbury A6 Milton Keynes Saffron Walden PREMIER INN BISHOP’S STORTFORD A131 A421 A10 STATION ROAD, HERTS M1 A44 Leighton Buzzard Stevenage BISHOP’S Bicester Luton STORTFORD Braintree A120 A41 A1(M) A414 A40 Aylesbury Harlow Oxford St Albans LOCATION A41 Chelmsford SITUATION A4010 M11 A414 Bishop’s Stortford is an affluent and historic market town located in Situated at the northern edge of the A420 A12 High Wycombe Watford Enfield M25 Hertfordshire, halfway between Cambridge and London, within the commuter M25 Goods Yard development scheme, the A34 belt close to the M11. The town has a resident population of 35,000, with 78,000 A10 Premier Inn hotel is approximately M40 living within 6 miles and 322,000 within 12 miles. The population has shown Romford Basildon 50m from the entrance of Bishop’s strong growth in recent years, much of which has been stimulated by the Henley-on-Thames A40 Leytonstone Stortford Train Station. The site fronts continuing development at Stanstead Airport. Slough A13 onto Station Road to the north and onto M4 LONDON Anchor Street to the west. This is a Dartford Bishop’s Stortford is 45 km (28 miles) south of Cambridge and 56 km (35 miles) prominent part of the site that is visible Bracknell A20 north of Central London, and benefits from excellent transportNewbur connections,y from the train station and fronts the Croydon making it a desirable commuter town. M3 M2 A33 primary route to the town centre which A23 is approximately a 5 minute walk from Woking M20 ROAD the hotel. A34 M25 Maidstone Junction 8 of the M11 motorway is approximately 2 miles from Reigate The northern edge of the hotel runs Andover Guildford Bishop’s Stortford Town Centre and provides access to the M25 parallel to a bus station and the A120 A24 M23 Tonbridge motorway and London to the south. It is also located on the A120, western side faces the Anchor Street M11 providing access to Braintree and Colchester to the east. A31 A3 Leisure Park which includes a cinema, A22 fast food retailers, a bar and a Nuffield RAIL Salisbury B1383 A120 Winchester STANSTEAD Health Club. The eastern façade of the AIRPORT 6 Bishops Stortford train station provides regular rail services to BISHOP’S building is opposite a proposed London Liverpool Street station, with the quickest journey time STORTFORD multi-storey car park and will open out of 35 minutes. The station also links directly into Tottenham Hale A1250 onto the new station square which is Underground Station on the Victoria Line with a fastest journey A1250 J8 A120 the approach to the new development. time of 24 minutes, providing direct access to the West End and A1184 A1250 M27 In addition to the retail offering the wider London Underground network. B1004 PREMIER INN proposed as part of the Goods Yard RAILWAY AIR STATION development scheme, Jackson Square Located 5 km (3 miles), 12 minute drive, to the east of Bishops shopping centre is approximately a Stortford is London Stanstead Airport which handles circa 24.3 5 minute walk from the hotel. A1060 million passengers annually and is the UK’s fourth biggest airport. M11 The airport is London’s third busiest airport and predominately provides domestic and European flights. A1184 PREMIER INN BISHOP’S STORTFORD STATION ROAD, HERTS BISHOP’S STORTFORD GOODS YARD The 6 hectare site will be developed over the next 10 years and will comprise of approximately 586 new homes, 3,000 sqm of office space, 1,500 sqm of retail space, a 55 bed care home, two multi-storey car parks and the subject hotel. In addition, the scheme will also create a high quality public square at Bishop’s Stortford station with hard and soft landscaping and new vehicle, pedestrian and cycle routes that connect the site with the wider community. KEY: Premier Inn Residential Offices Multi-storey Car Park Carehome Retail & Residential Train Station PREMIER INN BISHOP’S STORTFORD STATION ROAD, HERTS DESCRIPTION Retail Unit The property will be arranged over ground and three upper floors comprising of four bedrooms on the ground floor and 27 bedrooms on each of the upper GROUND FLOOR SECOND & THIRD FLOOR floors, with 85 bedrooms in total. All rooms will be fitted to the latest Premier Inn specifications and will include a range of double and family rooms. On the ground floor there will be a reception, a restaurant and a 600 sq. ft. retail unit with corner frontage and separate access on Station Road and Anchor street that is well positioned to be used as a shop or café. Hotel guests will be able to (subject to a charge) use the parking facilities in the proposed multi-storey car park adjacent to the subject property. FIRST FLOOR STATION ROAD ELEVATION SITE JACKSON SQUARE SHOPPING CENTRE The site for the self-contained hotel is configured in a broadly rectangular shape. Adjacent to the hotel will be a multi-story car park and the first phase of TOWN CENTRE residential development. PLANNING The vision for The Goods Yard is established in the revised Masterplan which was adopted in September 2017. PREMIER INN SITE Planning submissions for the current version of the scheme outlined in the SOUTH ST (MAIN TOWN Masterplan were formally submitted in November 2017, and granted formal HIGH ST) approval, in May 2018 The application reference is 3/17/2588/OUT. BISHOP’S STORTFORD TRAIN STATION Full planning details and documents can be found in the Data Room. View over River Stort towards development PREMIER INN BISHOP’S STORTFORD STATION ROAD, HERTS TENURE The property is sold freehold. TENANCY The property will be let on full repairing and insuring terms to Premier Inn Hotels Ltd from practical completion for a term of 25 years with a tenant only break in year 20. The tenant has the option to renew for a further 25 years on expiry. The agreed rent is £378,250 per annum, reflecting £4,450 per bed, which will be subject to five yearly upward only rent reviews linked to the Consumer Price Index (CPI), compounded annually with a collar and cap of 0% & 4%. The developer will provide a two year rental guarantee of £12,000 per year from PC on the retail unit if it remains vacant. COVENANT Premier Inn Hotels Limited operates over 70,000 rooms, having increased by over 4,000 rooms per year since 2010 and continues to target new hotels. As of December 2017, Premier Inn had a total of 771 hotels and just over 10% of the entire UK hotel market. In recent brand surveys, Premier Inn has extended its Typical Reception lead over other hotel brands in both quality and value. As a result, Premier Inn has continued to grow its market share alongside an increase in RevPAR. Typical Room Premier Inn Hotels Limited is rated 5A1 100% Minimum Risk by Dun & Bradstreet. 02/03/2017 03/03/2016 26/02/2015 Turnover £812,000,000 £743,195,000 £374,540,000 Pre-Tax Profit (Loss) £268,397,000 £255,471,000 £148,523,000 Tangible Net Worth £1,143,116,000 £923,100,000 £744,335,000 Artist impression of new high street PREMIER INN BISHOP’S STORTFORD STATION ROAD, HERTS DEVELOPER DEVELOPMENT TIMETABLE SOLUM Conditional exchange of land December 2018 Established in July 2008, Solum is a partnership & funding contract between Network Rail and Kier Property formed to attract private investment into the rail network and build much needed new homes close to transport hubs. March 2019 Site purchased for £1.9m To date Solum have completed schemes at Epsom, Kingswood, Christchurch and Haywards Heath. Construction of the scheme at Walthamstow has completed and Solum are on the last phase June 2019 1st drawdown/Construction start of construction at Twickenham.
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