Well Secured Rpi Linked Hotel Investment
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WELL SECURED RPI LINKED HOTEL INVESTMENT STONEYCROFT, 502 QUEENS DRIVE, LIVERPOOL, L13 0AS KIRKBY A5070 A59 A5080 M57 ST HELENS A5080 KNOWSLEY INVESTMENT SUMMARY PRESCOT RD A565 QUEENS DR ■■ Well■located■to■the■East■of■Liverpool■city■centre M57 EVERTON ■■ 20■bedroom■hotel■with■circa■19■years■unexpired A5049 ■ ■ Uncapped■RPI■linked■reviews LIVERPOOL M62 WAVERTREE M62 ■■ Low■room■rate■of■£3,786■per■annum A562 QUEENS DR M53 BIRKENHEAD ROPEWALKS BELLE VALE A561 A562 A552 LOCATION PQRSTUVWXT`aSTQbVVUcdVeTfgQVhd WILDNES i pTTeqrQaST A561 Liverpool is the commercial and administrative centre for `aSTQbVVU A41 A562 the Merseyside region. It is located approximately 212 miles M53 `stuvc north-west of London, 98 miles north-west of Birmingham A561 j && _ and 34 miles west of Manchester. It is currently the sixth RUNCORN ( largest city in the UK, with Liverpool benefitting from a & population of approximately 2 million. J 8 )4 ( T & ? ' ( ' ' T C C _ & J j SITUATION )T4 T 8 8 J The property is situated in Stoneycroft, a small residential 8 ")01200345670 district of Liverpool located approximately 3 miles (5km) to DE # F the east of the city centre. The property is located just off & & Liverpool’s inner ring-road, Queens Drive, which creates & a border between the area and West Derby. The area is served by the M62 Motorway, and the property is located & 1.6 miles (2.5km) from Junction 4. The property is 6 miles J 8 ?)J4 !"_ (10km) from Liverpool John Lennon Airport and 32 miles s _ j (51km) from Manchester City Airport making the property _ J ideally placed to provide guests access to both national and C international flights. & ? ! G563A)6B3!G4 4 236AH E564B5HI)GG9 8 !_j "#_j C4 &C4$j%8C4 JC4 J 9 2 @ AB w xy x d ef g h i jk ll d em n m n o n p j qrnrnstunhgggffvwfjxleenpyrzln{|}|~ DESCRIPTION The property comprises a two storey, 20 bedroom hotel, constructed in brick and block with exposed brick elevations at ground floor level and rendered and colour-washed elevations with timber beams at first floor level. It lies under a pitched roof covered with interlocking concrete tiles. The building has uPVC double glazed casement windows. Each bedroom has a private shower room, desk/dressing table, open fronted hanging space, direct dial payphone, flat screen TV, tea and coffee making facilities, hairdryer, electric radiator and smoke detector. Family rooms have either a single or a double sofa bed. The car park is shared with the Toby Carvery Stoneycroft and provides about 100 spaces. TENURE The property is held of a 225-year leasehold from 10 August 2010 (over 215 years remaining) at £10 per annum which is not subject to review. TENANCY The property is let to Travelodge Hotels Ltd on a 25 year FRI lease from 10th August 2010, at a current rent of £65,775 per annum, reviewed every fifth year to compounded uncapped RPI. The landlord has an option to extend the lease by a further 2 years, 11 months and 7 days, to expire of 16th July 2038. The tenant has an option of a new 25 year lease at the expiry of the current term. Our client will be topping up the rent to £75,712 per annum until the next review on 10th August 2020. COVENANT INFORMATION Founded in 1985, Travelodge Hotels Ltd is the UK’s first budget hotel brand and currently operates over 575 hotels and over 43,840 rooms across the UK, Ireland and Spain. In 2012, Travelodge was acquired by Goldentree Asset Management, Avenue Capital Group and Goldman Sachs, and has since seen the implementation of a £100 million refurbishment program which modernised the brand. Travelodge have recently announced plans to open a further 100 hotels by 2023. Travelodge have a Dun & Bradstreet rating of 5A1. YEAR END 31/12/2018 SALES TURNOVER £680,200,000 NET WORTH £361,800,000 PRE-TAX PROFITS £49,200,000 VAT The property is registered for VAT, therefore VAT will be charged on the overall sale price. Our client will consider a sale by way of TOGC, subject to purchasers supplying the necessary clearances. EPC The property has an EPC rating of C(66) Further information is available on request PURCHASE CONSIDERATIONS Our clients are seeking offers in the region of £1,300,000 (One Million Three Hundred Thousand Pounds) for their leasehold interest. This will provide a net initial yield of 5.50%, after acquisition costs of 6%. FURTHER INFORMATION If you require any further information or wish to view the property please do not hesitate to contact: Bradley Lewis Heywood & Partners, E: [email protected] 1 Cavendish Place, London W1G 0QF Olli Weir E: [email protected] T: 020 7493 6010 Important Notice Heywood & Partners for themselves and for the vendors, owners or landlords of the property (together the “Client”) whose agents Heywood & Partners are, give notice that: (a) These particulars are made without responsibility on the part of Heywood & Partners or the Client; they do not obviate the need to make appropriate searches, enquiries and inspections, nor do they constitute any part of an offer or contract, and statements herein are not to be relied upon as statements or representations of fact; any acquirer must satisfy himself, by inspection or otherwise, as to their correctness and any error, omission or misdescription therein shall not affect or annul the sale or be grounds for rescission or compensation; (b) The Client does not make or give, and neither Heywood & Partners nor any of their employees has any authority to make or give, any representation or warranty whatever in relation to the property; (c) Heyward & Partners have not carried out a detailed survey, nor tested the services, appliances and specific fittings; (d) Dimensions (where given) are approximate and should be verified by an acquirer; and (e) Any accounts or financial statements or registration information provided to an acquirer are provided on behalf of the Client by Heywood & Partners, who cannot therefore offer any guarantee of their completeness or accuracy, and accordingly shall not be liable for any loss, damage, cost, expenses or other claims for compensation arising from inaccuracies or omissions therein. These details were believed to be correct at the date of publication but their accuracy is not guarantee. September 2019..