Travelodge Aberdeen Airport & Zara's Restaurant Aberdeen AB21 0HW

  • Travelodge Aberdeen Airport & Zara's Restaurant<br>Aberdeen<br>AB21 0HW

Travelodge Aberdeen Airport & Zara's Restaurant
Aberdeen
AB21 0HW

Heritable Leisure Investment

  • Majority let to Travelodge Hotels Limited until 2030 (subject to option)
  • Fixed RPI rental increases
  • Approximately 1 mile from Aberdeen International Airport
  • Approximate site area of 1.33 hectares (3.28 acres)
  • Large car park for up to approximately 100 cars
  • Nearby occupiers include Baker Hughes, Computer Cab plc and Noble Drilling (Land Support) Ltd
  • Six Week Completion Period Available
  • Lot
    23
  • Auction
    26th May 2011
  • Rent
    £177,244 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price
     
  • Auction Venue
    Millennium Hotel
    39-44 Grosvenor Square
    London W1K 2HP
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Heritable Leisure Investment

  • Majority let to Travelodge Hotels Limited until 2030 (subject to option)
  • Fixed RPI rental increases
  • Approximately 1 mile from Aberdeen International Airport
  • Approximate site area of 1.33 hectares (3.28 acres)
  • Large car park for up to approximately 100 cars
  • Nearby occupiers include Baker Hughes, Computer Cab plc and Noble Drilling (Land Support) Ltd
  • Six Week Completion Period Available
  • Lot 23
  • Auction 26th May 2011
  • Rent £177,244 per Annum Exclusive
  • Status Withdrawn Post
  • Price  
  • Sector
    Leisure
  • Auction Venue
    Millennium Hotel
    39-44 Grosvenor Square
    London W1K 2HP

Property Information

Location
Miles
5.2 miles north-west of Aberdeen, 70 miles north-east of Dundee
Roads
A947, A96, A90
Rail
Dyce Railway Station
Air
Aberdeen International Airport
Situation

The property is situated on the eastern side of Burnside Drive, approximately 1 mile east of Aberdeen Airport, and is accessed from the A947 via the main A96 Aberdeen to Inverness trunk road. Farnburn Industrial Estate is situated immediately to the east, housing BP's UK Headquarters for Exploration and Production, while the other nearby occupiers include Baker Hughes, Computer Cab plc and Noble Drilling (Land Support) Ltd.

Tenure

Heritable. (Scottish equivalent to English Freehold)

Location
Miles
5.2 miles north-west of Aberdeen, 70 miles north-east of Dundee
Roads
A947, A96, A90
Rail
Dyce Railway Station
Air
Aberdeen International Airport
Situation

The property is situated on the eastern side of Burnside Drive, approximately 1 mile east of Aberdeen Airport, and is accessed from the A947 via the main A96 Aberdeen to Inverness trunk road. Farnburn Industrial Estate is situated immediately to the east, housing BP's UK Headquarters for Exploration and Production, while the other nearby occupiers include Baker Hughes, Computer Cab plc and Noble Drilling (Land Support) Ltd.

Tenure

Heritable. (Scottish equivalent to English Freehold)

Description

Travelodge Aberdeen Airport comprises a modern hotel providing 40 bedrooms over ground and first floors, with extensive parking facilities and landscaped gardens. Zara's Restaurant, which is situated immediately to the south-east of the hotel, comprises a ground floor restaurant and ancillary accommodation with self-contained residential flats on the first floor, accessed externally.The restaurant also benefits from a separate car park, giving a total of approximately 100 car parking spaces and a site area of 1.33 hectares (3.28 acres).

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

Travelodge Aberdeen Airport comprises a modern hotel providing 40 bedrooms over ground and first floors, with extensive parking facilities and landscaped gardens. Zara's Restaurant, which is situated immediately to the south-east of the hotel, comprises a ground floor restaurant and ancillary accommodation with self-contained residential flats on the first floor, accessed externally.The restaurant also benefits from a separate car park, giving a total of approximately 100 car parking spaces and a site area of 1.33 hectares (3.28 acres).

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

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

(8,222 sq ft)

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).

Contacts

Seller's Solicitors
DLA Piper Scotland LLP Collins House, Rutland Square
Edinburgh
EH1 2AA
Guy Irving +44 (0)131 242 5585guy.irving@dlapiper.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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