Entirely let to Travelodge Hotels Limited until 2039 (no breaks) (3)
RPI linked 5 yearly uplifts (uncapped)
Strategically located 1 mile south of Scotch Corner junction
Large site area of approximately 1.17 acres (0.473 hectares)
Lot 8
Auction 11th July 2019
Rent £153,406 per Annum Exclusive
Status Sold Prior
Price
Sector Leisure
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of Trustees
Property Information
Location
Miles
1.1 miles south of Scotch Corner Junction
10 miles south-west of Darlington
28 miles south of Durham
Roads
A6055, A1(M), A66
Rail
Air
Durham Tees Valley Airport
Situation
Skeeby is a village located 2 miles east of Richmond, on the edge of the Yorkshire Dales. The property is located on the A6055, adjacent to the A1(M), approximately 1 mile south of Scotch Corner junction. Scotch Corner is an important roundabout interchange of the A66 and A1(M), leading towards the North East of England, Scotland and the M6, and south towards London.
Tenure
Freehold.
Location
Miles
1.1 miles south of Scotch Corner Junction
10 miles south-west of Darlington
28 miles south of Durham
Roads
A6055, A1(M), A66
Rail
Air
Durham Tees Valley Airport
Situation
Skeeby is a village located 2 miles east of Richmond, on the edge of the Yorkshire Dales. The property is located on the A6055, adjacent to the A1(M), approximately 1 mile south of Scotch Corner junction. Scotch Corner is an important roundabout interchange of the A66 and A1(M), leading towards the North East of England, Scotland and the M6, and south towards London.
Tenure
Freehold.
Description
The property comprises a 40 bed two storey hotel and a standalone former restaurant. The property benefits from on-site parking for approximately 37 cars and a site area of approximately 1.17 acres (0.473 hectares).
VAT
VAT is applicable to this lot.
EPC
Bands E & D. Available from the legal pack at acuitus.co.uk.
Description
The property comprises a 40 bed two storey hotel and a standalone former restaurant. The property benefits from on-site parking for approximately 37 cars and a site area of approximately 1.17 acres (0.473 hectares).
VAT
VAT is applicable to this lot.
EPC
Bands E & D. Available from the legal pack at acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground First Ground
Hotel Hotel Restaurant
539.30 sq m 530.57 sq m 302.31 sq m
(5,805 sq ft) (5,711 sq ft) (3,254 sq ft)
TRAVELODGE HOTELS LIMITED (1) (2)
A term of years expiring 08/08/2039 (3) on a full repairing and insuring lease
£153,406.11
01/10/2023 and five yearly (4)
Total
1,372.18 sq m
(14,770 sq ft)
£153,406.11
(1) For the year ending 31st December 2018, Travelodge Hotels Limited reported a turnover of £680,200,000, pre-tax profits of £49,200,000 and a total net worth of £361,800,000 (Source: Experian Group 11/06/2019). Travelodge is the UK's largest independent hotel brand, with more than 560 hotels and 40,000 guest bedrooms. More than 170 of their hotels have an on-site bar/café/restaurant, and almost all are located close to other restaurants and coffee shops, making Travelodge the ideal base for travel (Source: www.travelodge.co.uk 11/06/2019). (2) Part of the property has been sublet to Euro Garages Limited until 2029 at a current passing rent of £25,149 p.a.x. (3) The current lease is for a term of years expiring 07/08/2029, subject to a landlord's only option to extend the term until 08/08/2039 as outlined in the option agreement available in the legal pack. (4) The rent reviews are linked to the Retail Price Index.
