Tenancy & Accommodation
| Unit |
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
| Hotel |
Ground |
Hotel |
572.41 sq m |
(6,161 sq ft) |
TRAVELODGE
HOTELS LIMITED (1) |
25 years from 28/11/2005 until 27/11/2030 on a full repairing and insuring lease (2) (3) (4) |
£117,000 |
28/11/2015 and
five yearly thereafter (5) |
| |
First |
Hotel |
638.39 sq m |
(6,872 sq ft) |
| |
Car parking |
n/a |
n/a |
TRAVELODGE
HOTELS LIMITED (1) |
25 years from 28/11/2005 until 27/11/2030 (6) (7) |
(8) |
|
| |
Totals |
|
1,210.80 sq m |
(13,033 sq ft) |
|
| Restaurant |
Ground |
Public House |
763.90 sq m |
|
INDIVIDUAL
(t/a Zara’s Restaurant) |
25 years from 28/06/2006 until 27/06/2031 on a full repairing and insuring lease |
£60,244 (9) |
28/06/2011 and
five yearly thereafter (5)
|
| |
First |
Residential (1 x three bed, 2 studios) |
236.30 sq m |
(2,544 sq ft) |
| |
1,000.20 sq m |
(10,766 sq ft) |
|
| Total Approximate Floor Areas |
2,211.00 sq m |
(23,799 sq ft) |
|
|
£177,244 |
|
(1) For the year ending 31st December 2009, Travelodge Hotel Limited reported a turnover of £294,400,000, pre-tax profits of £66,500,000 and a total net worth of £861,400,000. (Source: www.riskdisk.com 15/04/2011)
(2) The lease is subject to a Schedule of Condition.
(3) Please note that the tenant is entitled to extend the lease for a further 25 years upon not less than 6 months' prior written notice.
(4) Under the terms of the lease, the tenant is entitled to terminate the lease in the event that the adjacent bar/restaurant unit is no longer used primarily as a public house and/or is destroyed or demolished and not reinstated for this use within a set time frame. For further information, please refer to the legal documentation.
(5) Under the terms of the lease, the rent is to be reviewed five yearly in line with the increases in Retail Price Index.
(6) Please note that if the tenant has given notice to extend the Hotel Lease
(3) it is entitled to extend the lease for a further 25 years to 27th November 2055 on giving not less than 6 months' prior written notice.
(7) If the tenant gives notice to terminate the Hotel Lease.
(8) Under the terms of the lease, the fixed rental income is £1.00 per annum if requested by the landlord.
(9) Under the terms of the lease, the tenant currently pays £50,000 p.a.x. This is due to increase on 28th June 2011, as per Note 5, to a minimum of £60,244 p.a.x. (subject to an RPI increase).
