Entirely let to Lucian Properties Limited until March 2108
Rent review in March 2018 and five yearly thereafter to greater of £35,000 per annum or 5.4% of gross annual income (2)
Entirely sublet to Hotel Property Investors UK Limited (t/a Pentahotel), with guarantee – on assignment from Ramada UK Limited
Refurbished hotel comprising 206 bedrooms, 11 conference suites, bar/restaurant and fitness centre
Prominent town centre location adjacent to Broad Street Mall Shopping Centre and Ring Road (A329)
Legal Title Report <a href="/media/32026/legal title report v4.pdf" target="_blank" title="Legal Title Report V4">here</a>
Lot 8
Auction 11th December 2014
Rent £54,164 per Annum Exclusive
Status Sold
Price £1,375,000
Sector Ground Rent
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
25 miles south of Oxford
42 miles west of Central London
Roads
A4, A33, A329, M4 (Junction 11)
Rail
Reading Rail Station
Air
London Heathrow Airport
Situation
Reading is a popular University town situated in the affluent Thames Valley.
The town benefits from excellent communication links, located immediately to the north of the M4 providing access to the west of England, and the M25 and London to the east. The property is prominently situated in the heart of Reading town centre on the south side of Oxford Road, adjacent to Broad Street Mall Shopping Centre and the town’s Ring Road (A329).
A Travelodge Hotel and The Hexagon, a well established multi-purpose venue, are located opposite and to the rear of the property.
Tenure
Virtual Freehold. For a term of 999 years from completion at a peppercorn rent.
Location
Miles
25 miles south of Oxford
42 miles west of Central London
Roads
A4, A33, A329, M4 (Junction 11)
Rail
Reading Rail Station
Air
London Heathrow Airport
Situation
Reading is a popular University town situated in the affluent Thames Valley.
The town benefits from excellent communication links, located immediately to the north of the M4 providing access to the west of England, and the M25 and London to the east. The property is prominently situated in the heart of Reading town centre on the south side of Oxford Road, adjacent to Broad Street Mall Shopping Centre and the town’s Ring Road (A329).
A Travelodge Hotel and The Hexagon, a well established multi-purpose venue, are located opposite and to the rear of the property.
Tenure
Virtual Freehold. For a term of 999 years from completion at a peppercorn rent.
Description
The property comprises a substantial hotel providing 206 bedrooms, 11 conference suites, bar/restaurant and a fitness centre.
Six Week Completion
Legal Title Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial hotel providing 206 bedrooms, 11 conference suites, bar/restaurant and a fitness centre.
Six Week Completion
Legal Title Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Use
Tenant
Term
Rent p.a.x
Review
Hotel
LUCIAN PROPERTIES LIMITED (1)
125 years (less 10 days) from 25/03/1983 until 2108
£54,164.67
25/03/2018 & 5 yearly (2)
Totals
£54,164.67
(1) Lucian Properties Limited is incorporated and registered in the Bahamas. The tenant has sublet the property to Hotel Property Investors UK Limited (trading as Pentahotel) on a lease expiring in March 2028 (by way of a reversionary sublease) at a base rent of £850,000 per annum. For the year ending 31st December 2013, Hotel Property Investors UK Limited reported a turnover of £19,965,000, a pre-tax loss of £5,221,000 and a total net worth of £11,614,000 (Source www.riskdisk.co.uk 06/11/2014). The sublease is guaranteed by Chow Tai Fook Enterprises Limited, a company incorporated and registered in Hong Kong. The sublease was assigned from Ramada UK Limited. (2)The lease to Lucian Properties Limited provides for five yearly rent reviews. The rent is reviewed to the greater of £35,000 p.a.x or 5.4% of the gross annual income of the occupational lease for the year preceding the relevant rent review date - please see legal pack for further details and for the definition and calculation of the gross annual income.
