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PRIME LONG LET HOTEL INVESTMENT with INDEXATION PREMIER INN FLEMINGATE • BEVERLEY • EAST RIDING of YORKSHIRE .Two

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PRIME LONG LET HOTEL INVESTMENT with INDEXATION PREMIER INN FLEMINGATE • BEVERLEY • EAST RIDING of YORKSHIRE .Two PREMIER INN FLEMINGATE • BEVERLEY • EAST RIDING OF YORKSHIRE • HU17 0NR PRIME LONG LET HOTEL INVESTMENT WITH INDEXATION PREMIER INN FLEMINGATE • BEVERLEY • EAST RIDING OF YORKSHIRE .two INVESTMENT SUMMARY. • Beverley is an affluent Georgian Yorkshire town • This reflects a highly reversionary room rate. The • 80 bed Premier Travel Inn Hotel and 2,012 sq.ft let current rent equates to only £4,063 pax per bed. to One Stop, situated at the Flemingate development • Premier Inn have paid the full rent in full close to the centre of Beverley. throughout the pandemic period, including • Flemingate is a successful, significant mixed-use September quarter day. development which includes a 6 screen cinema, • The hotel has an exceptional occupancy rate, 130 homes, East Riding College, large number of the post lockdown occupancy rate is 93%. retailers including Debenhams, H&M and River • Ground floor retail unit let to One Stop Stores Island, various restaurants and bars and a 500 Limited (Part of Tesco PLC) on a new 15 lease with space multi storey public car park. a break at year 10 and 5 at a rent of £24,144 pa. • Hotel let to Premier Inn Hotels Limited on a 25 year • Total rent passing £349,215 per annum FRI lease from 29th April 2016 to 28th April 2041 • Long Leasehold - 250 years at a peppercorn (20 years 6 months term certain) with a break option in 29th April 2036 (15 years 6 months term certain). • Offers are sought in excess of £6,550,000 (Six Million, Five Hundred and Fifty Thousand Pounds) • The lease is subject to 5 yearly rent increases to CPI subject to contract and exclusive of VAT. capped at 5% per annum compound. The next rent review is 29 April 2021. • A purchase at this level reflects the following yield profile (assuming purchasers’ costs at 6.64%) • The hotel will be sold via a ‘topped up’ passing rent of £325,071 per annum. The top up has been calculated using the CPI Index to March 2020. Rent PRIME Date NIY % Premier Inn Retail Unit Total Topped Up Passing Rent (as March 2020) £325,071 £24,144 £349,215 5.00% Forecast (assuming 2% pa CPI) INVESTMENT OPPORTUNITY 2021 £331,572 £24,144 £355,716 5.13% 2026 £366,083 £24,144 £390,227 5.63% 2031 £404,185 £24,144 £428,329 6.18% 2036 (break option) £446,253 £24,144 £470,397 6.79% PREMIER INN FLEMINGATE • BEVERLEY • EAST RIDING OF YORKSHIRE .three TOUR DE YORKSHIRE HUMBERSIDE AIRPORT BRIDLINGTON LOCATION. A1035 A1035 Beverley founded in the 7th century is a historic and HARROGATE A165 YORK A1035 prosperous market town located approximately 8 A1079 miles north of Kingston upon Hull, 32 miles south MARKET HORNSEA A1(M) WEIGHTON east of York and 56 miles east of Leeds. Beverley is A19 A1079 BEVERLEY LEEDS the County Town of the east Riding of Yorkshire and SELBY A165 A1174 PREMIER has a resident population in the region of 30,800. M1 HULL M62 WITHERNSEA INN The town benefits from excellent road A63 River Humber BEVERLEY A1079 A164 communications with the A164 and A63 linking M62 A15 to Junction 38 of the M62 approximately 14 miles A1 BEVERLEY FLEMINGATE A19 M18 Humberside to the west. WAKEFIELD SCUNTHORPE Airport WESTWOOD M180 M180 GRIMSBY BEVERLEY Beverley’s main train station is situated within a 2 DONCASTER MINSTER B1230 M1 minute walk from Flemingate with services across the B1230 A15 MINSTER WAY UK. By train, Hull is only a 15 minute journey with M18 A1(M) A159 Leeds and Manchester Piccadilly accessible in 1.5 GAINSBOROUGH A1079 A164 hours and 2.5 hours respectively. The direct London SHEFFIELD train journey is 3 hours 11 minutes. Humberside A1 Airport is the closest airport to Beverley, located 23 M1 Woodmansey LINCOLN miles to the south of Flemingate with international and domestic flights. Beverley: Tourism The town is a popular tourism destination known for the famous Beverley Minster (built 1420), Beverley Westwood and Beverley Racecourse (established 1767). The town is also known for its impressive PRIME Georgian streets containing a great number of listed buildings including 15th century North Bar. Various BEVERLEY WESTWOOD FLEMINGATE DEVELOPMENT NORTH BAR sports, food and music festivals are held through the year including the Tour de Yorkshire. The east coast INVESTMENT OPPORTUNITY seaside resorts of Hornsea, Bridlington, Flamborough and Filey are close by as well as the Yorkshire Wolds made famous by the artist David Hockney. The town was recently listed in the Sunday Times report Best Places to Live in northern England. BEVERLEY RACECOURSE FILEY BEACH BEVERLEY MINSTER PREMIER INN FLEMINGATE SITUATION. The property is located within Flemingate which is which is located close to the centre of Beverley and occupies a highly prominent position next to the multi storey public car park. The property is accessed off the B1230 which is the main route through the southern part of Beverley. The B1230 leads to the A164 which provides access to A63/M62. • BEVERLEY • EAST RIDING OF YORKSHIRE PRIME INVESTMENT OPPORTUNITY INVESTMENT BEVERLEY MINSTER BEVERLEY EASTGATE B1230 15 ARMSTRONG WAY 1 B lo ck H bin stor B1230 e HU17 0N Z LI PI F T -1 T SS 02 GROVEHILL RD L 5 PRIORY RD Mult i - Storey Car Park wa t e r Flemingate ph o S n wa VP e t e r ( / 3 B 6 OH YHO 6( 123 & 85, 7< ' 2 2 5 0 ) Hotel Deliveries cb cb Incoming cb cb cb cb cb telecom cb cb supply duct Incoming electricity supply duct Incoming Belfast water supply Sink duct gas intake 1 (HotelUnit Steel Stair 2 Steel Stair 3 Up 4 Extension Vacant 9 10 11 12 13 14 15 5 16 6 11 7 8 7 6 5 4 3 2 1 Steel Stair Steel Stair 10 8 Steel Landing Up 9 Steel Landing Premier Inn Hotel (GF) Rooms 2Unit Switch & BEVERLEY controls MINSTER (GF) cupboard Above) MI NSTER HOUS E Premier In Entrance HOD DROP OFF ZONE BLOC GSON HOUS FL E EMI NG H AT OUSE E n KG PA CY RKIN CL E G PA CY BLOC RKIN CL E G KA Harrison UNIT 2A For indicative purposes only Mews FIRST/SECOND FLOO BLOC R KD UNIT 7A BLOC Flemingate KB KC e BLOC ThEntertainer GR TheT TRAIN STATION AND BEVERLEY TOWN CENTRE oyShop.com ASSED AREA PLAY ( B 12 P 3 ARK .four 0 ) FIRST FLOOR EMER V E G PA ONLYH E CY IC N C RKING L CL E Y E FIRST FLOO WITH 6 SCREEN CINEMA OV ER 1, R 00 0S EA TS HU17 0N Z PREMIER INN FLEMINGATE • BEVERLEY • EAST RIDING OF YORKSHIRE .five FLEMINGATE. Flemingate is a regionally significant FLEMINGATE mixed-use development which includes a 6 screen cinema, East Riding College, a large number of retailers including Debenhams, H&M and River Island, various restaurants and bars and a 500 space multi storey public car park. The scheme is 95% let and has a weekly footfall of 50,000. PRIME FLEMINGATE FLEMINGATE FLEMINGATE AT CHRISTMAS INVESTMENT OPPORTUNITY HU17 0NZ EAST RIDING COLLEGE FLEMINGATE FLEMINGATE PREMIER INN FLEMINGATE • BEVERLEY • EAST RIDING OF YORKSHIRE .six DESCRIPTION. The Premier Inn hotel was constructed in 2015 and trades as the Premier Inn Beverley Town Centre. It totals circa 30,676 sq ft and extends over ground and 3 upper floors. It provides 80 en-suite bedrooms together with a branded bar and restaurant. A retail unit is part of the asset but not included in the Premier Inn demise. The unit extends circa 2,012 sq.ft and is let to One Stop Stores Limited. The hotel has an exceptional occupancy rate, the post lockdown occupancy rate is 93%. Area We have been provided with a summary of the hotel’s approximate GIA floor areas as follows: Floor Area Sq.ft Rooms 3 7,416 22 2 8,385 25 1 8,385 25 Ground (hotel) 6,490 8 Ground (retail) 2,012 One Stop Total 32,688 80 PRIME INVESTMENT OPPORTUNITY PREMIER INN FLEMINGATE • BEVERLEY • EAST RIDING OF YORKSHIRE .seven TENANCIES. COVENANT. The hotel is let to Premier Inn Hotels Limited on a 25 year FRI lease Premier Inn Hotels Limited (Company No. 05137608). One Stop Stores Limited (Company No. 02462858). from 29th April 2016 to 28th April 2041 (20 years 6 months term Premier Inn are the UK’s leading budget hotel operator with a substantial One Stop is a leading organisation in the UK convenience store market, certain) with a break option on 29th April 2036 (15 years 6 months market share of the budget hotel market. Premier Inn Hotels Limited is a and is owned by Tesco PLC but operates as a separate business. They term certain). The lease is subject to 5 yearly rent increases to CPI wholly owned subsidiary of the Whitbread Group PLC whose other brands have over 900 stores employing over 10,600 people. capped at 5% per annum compound. The hotel will be sold via a include, Table Table, Tayburns, Beefeater and Brewers Fayre. They are part ‘topped up’ passing rent of £325,071 per annum. The top up has been www.onestop.co.uk of Whitbread PLC which recently celebrated its 275th Anniversary as a calculated using the CPI Index to March 2020. This reflects a highly British business. Premier Inn has more than 750 hotels in the UK with over 23 February 2019 24 February 2018 25 February 2017 reversionary room rate of only £4,063 pax per bed. 72,000 rooms. Premier Inn’s pipeline is secured to target 85,000 rooms by Turnover £1,142,894,000 £1,068,992,000 £1,011,260,000 The ground floor retail unit is let to One Stop Stores Limited (part of 2020.
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