Entirely let to Travelodge Hotels Limited until 2039 (no breaks) (3)
Standalone restaurant sublet to Wycliffe Moore Limited (part of Euro Garages) t/a Starbucks (2)
RPI linked 5 yearly uplifts (uncapped)
Prominent position on A40
Lot 6
Auction 24th October 2019
Rent £194,571 per Annum Exclusive
Status Sold
Price £3,210,000
Sector Leisure
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of Trustees
Property Information
Location
Miles
35 miles north-west of Swansea
73 miles north-west of Cardiff
Roads
A40, A477, A48
Air
Cardiff Airport
Situation
Carmarthen is the county town of Carmarthenshire, located some 27 miles north-west of Swansea and 60 miles west of Cardiff. Benefitting from a £74 million development in 2010, Carmarthen was ranked last year as one of the top retail centres in Wales. The site occupies a prominent position on the A40 at its junction with the A4066, which leads to the A48 and connects to the M4 Motorway to the east. The property is located 9 miles south-west of Carmarthen town centre in the village of St Clears.
Tenure
Freehold.
Location
Miles
35 miles north-west of Swansea
73 miles north-west of Cardiff
Roads
A40, A477, A48
Air
Cardiff Airport
Situation
Carmarthen is the county town of Carmarthenshire, located some 27 miles north-west of Swansea and 60 miles west of Cardiff. Benefitting from a £74 million development in 2010, Carmarthen was ranked last year as one of the top retail centres in Wales. The site occupies a prominent position on the A40 at its junction with the A4066, which leads to the A48 and connects to the M4 Motorway to the east. The property is located 9 miles south-west of Carmarthen town centre in the village of St Clears.
Tenure
Freehold.
Description
The property comprises a 51 bed two storey hotel and a standalone Starbucks restaurant. The property benefits from on-site parking for approximately 70 cars and a site area of approximately 2.35 acres (0.951 hectares).
VAT
VAT is applicable to this lot.
EPC
Band E.
Description
The property comprises a 51 bed two storey hotel and a standalone Starbucks restaurant. The property benefits from on-site parking for approximately 70 cars and a site area of approximately 2.35 acres (0.951 hectares).
VAT
VAT is applicable to this lot.
EPC
Band E.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First Ground
Hotel Hotel Café/Restaurant
701.40 sq m 680.60 sq m 213.40 sq m
(7,550 sq ft) (7,326 sq ft) (2,297 sq ft)
TRAVELODGE HOTELS LIMITED (1) (2)
A term of years expiring 08/08/2039 (3) on a full repairing and insuring lease
£194,571
01/10/2022 and five yearly (4)
Total
1,595.40 sq m
(17,173 sq ft)
£194,571
(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 Wycliffe Moore Limited t/a Starbucks until 2029 at a current passing rent of £18,259 p.a.x. Wycliffe Moore Limited is part of Euro Garages Limited, which is the world's leading independent fuel station and convenience retailer (source: eurogarages.com) (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.
