Entirely let to Travelodge Hotels Limited until 2037 (no breaks) (3) with RPI linked rent reviews
Part sublet to Subway Realty Limited t/a Subway
Prominent position on A90 adjacent to BP filling station with an M&S Simply Food store
Site area of approximately 0.847 acres (0.342 hectares)
Lot 9
Auction 23rd May 2019
Rent £112,928 per Annum Exclusive
Status Sold
Price £1,880,000
Sector Leisure
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of Trustees
Property Information
Location
Miles
3 miles north of Dundee Airport
19 miles north-east of Perth
67.5 miles south-west of Aberdeen
Roads
A90, A923
Rail
Dundee Rail, Invergowrie Rail
Air
Dundee Airport, Aberdeen Airport
Situation
The historic city of Dundee is Scotland's fourth largest city, located on the north bank of the River Tay. The property itself occupies a prominent position on the A90, which heads eastbound towards Aberdeen and westbound towards Perth. Adjacent to the property is a BP filling station and an M&S Simply Food store. To the west of the property is the West Gourdie Industrial Estate. Dundee city is benefiting from a £1 billion development of the waterfront, which encompasses 240 hectares of development land stretching 8km alongside the River Tay and is the 3rd largest regeneration project in the UK (source: www.dundeewaterfront.com).
Tenure
Freehold.
Location
Miles
3 miles north of Dundee Airport
19 miles north-east of Perth
67.5 miles south-west of Aberdeen
Roads
A90, A923
Rail
Dundee Rail, Invergowrie Rail
Air
Dundee Airport, Aberdeen Airport
Situation
The historic city of Dundee is Scotland's fourth largest city, located on the north bank of the River Tay. The property itself occupies a prominent position on the A90, which heads eastbound towards Aberdeen and westbound towards Perth. Adjacent to the property is a BP filling station and an M&S Simply Food store. To the west of the property is the West Gourdie Industrial Estate. Dundee city is benefiting from a £1 billion development of the waterfront, which encompasses 240 hectares of development land stretching 8km alongside the River Tay and is the 3rd largest regeneration project in the UK (source: www.dundeewaterfront.com).
Tenure
Freehold.
Description
The property comprises a 32 bed two storey hotel and a standalone Subway restaurant. The property benefits from on-site parking for approximately 53 cars and a site area of approximately 0.847acres (0.342 hectares).
VAT
VAT is applicable to this lot.
EPC
Band G. See legal pack at acuitus.co.uk.
Description
The property comprises a 32 bed two storey hotel and a standalone Subway restaurant. The property benefits from on-site parking for approximately 53 cars and a site area of approximately 0.847acres (0.342 hectares).
VAT
VAT is applicable to this lot.
EPC
Band G. See legal pack at acuitus.co.uk.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reviews
Travelodge
Subway
Ground First Ground
Hotel Hotel Restaurant
438.80 sq m 425.40 sq m 223.20 sq m
(4,724 sq ft) (4,579 sq ft) (2,403 sq ft)
TRAVELODGE HOTELS LIMITED (1) (2)
A term of years expiring 25/09/2037 (3) on a full repairing and insuring lease
£112,928
01/10/2023 and five yearly (4)
Total
1,087.40 sq m
(11,706 sq ft)
£112,928
(1) For the year ending 31st December 2017, Travelodge Hotels Limited reported a turnover of £624,000,000, pre-tax profits of £45,200,000 and a total net worth of £303,200,000 (Source: Experian Group 18/04/2019). Travelodge is the UK's largest independent hotel brand, with more than 560 hotels and 40,000 guest bedrooms. "More than 170 of our hotels have our 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 06/11/2018). (2) Part of the property has been sublet to Subway Realty Limited t/a Subway at £23,250 p.a.x. There is also a second sub-lease of some telecommunication equipment. Please refer to the legal pack for further information. (3) The current lease is for a term of years expiring 30/09/2029, subject to a landlord's only option to extend the term until 25/09/2037 as outlined in the option agreement available in the legal pack. (4) The rent reviews are linked to the Retail Price Index.
