HOTEL PORTFOLIO, ALL LET TO WHITBREAD GROUP PLC
Four freehold Premier Inn hotel investments with combined restaurants. The locations are:
• Welwyn Garden City – Stanborough Road, AL8 6DQ
• Gravesend (Central) – Wrotham Road, DA11 7LF
• Liverpool (West Derby) – Queens Drive, L13 0DL
• Norwich (Airport) – Holt Road, Delft Way, NR6 6BB
- Let to Whitbread Group Plc (D&B5A1).
- Each is let for in excess of 20 years expiring on 18 December 2037 with 5 yearly reviews to CPI having a collar and cap of 0% and 4% pa.
- The next review is December 2017 and we have projected the rents to the current March 2017 CPI levels.
- 20 year CPI income.
- The projected rents total £1,759,469 pa.
- Offers are sought in excess of £34,693,000 for the four properties, either individually or as a package.
- This produces a net initial yield of 4.75%, (assuming acquisition costs of 6.77%).
- Individual lot sizes range from £6.9m to £11.7m.