Travelodge Okehampton Sourton Cross
Sourton Cross
Okehampton
Devon
EX20 4LY

Freehold Hotel and Restaurant Investment

  • Entirely let to Travelodge Hotels Limited until 2039 (no breaks) (3)
  • Standalone restaurant sublet to Wolfson Trago Ltd (part of Euro Garages)
  • t/a Burger King, Subway and Greggs (2)
  • RPI linked 5 yearly uplifts (uncapped)
  • Prominent position on A30
  • Lot
    27
  • Auction
    24/Oct/2019
  • Rent
    £167,374 per Annum Exclusive
  • Status
    Available
  • Price*
    £2,800,000
  • Sector
    Leisure
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
  • On behalf of Trustees
  • Travelodge Okehampton Sourton Cross<br>Sourton Cross<br>Okehampton<br>Devon<br>EX20 4LY
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
27 miles west of Exeter
26 miles north of Plymouth
Roads
A386, A30
Air
Exeter Airport
Situation

Okehampton is an attractive town located on the northern edge of Dartmoor National Park. The property occupies a prominent roadside location on the A30 at its junction with the A386, 4 miles south west of Okehampton town centre. Adjacent to the property is a Shell petrol station and Little Waitrose.

Tenure

Freehold.

Description

The property comprises a 42 bed two storey hotel and a standalone restaurant which trades as Burger King, Subway and Greggs. The property benefits from on-site parking for approximately 70 cars and a site area of approximately 2.50 acres (1.011 hectares).

VAT

VAT is applicable to this lot.

EPC

vailable at acuitus.co.uk

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
(Reversion)
Ground
First
Ground
First
Second
Hotel
Hotel
Restaurant
Restaurant
Restaurant
589.50 sq m
583.50 sq m
314.40 sq m
161.20 sq m
42.70 sq m
(6,346 sq ft)
(6,280 sq ft)
(3,381 sq ft)
(1,735 sq ft)
(460 sq ft)
TRAVELODGE
HOTELS LIMITED
(1) (2)
A term of years expiring 08/08/2039
(3) on a full repairing and insuring lease
£167,374.2601/10/2023
and five
yearly (4)
Total
1,691.30 sq m
(18,202 sq ft)
  £167,374.26 

(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 Wolfson Trago Ltd t/a Burger King, Subway and Greggs until 2029 at a current passing rent of £37,062 p.a.x. Wolfson Trago Limited is part of Euro Garages Limited, 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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    18.10.19
    File Size
    104 MB
    Login to View
  • Catalogue Page
    Updated Date
    02.10.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    02.10.19
    File Size
    926 KB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863 +44 (0)7899 877 224georgina.roberts@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Associate Auctioneers
CBRE Limited Henrietta House, Henrietta Place
London
W1G 0NB
Daniel Mattey 020 3257 6753daniel.mattey@cbre.com
Seller's Solicitors
Dentons UKMEA LLP One Fleet Place
London
EC4M 7RA
Carla Revelo 020 7246 7296carla.revelo@dentons.com  Oliver Gordon 020 7246 7296 Oliver.Gordon@dentons.com

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