Travelodge Okehampton Sourton Cross Sourton Cross Okehampton Devon EX20 4LY

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
24th October 2019
Rent
£167,374 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On behalf of Trustees

Interested?

Expand
Photos
Map

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 24th October 2019
Rent £167,374 per Annum Exclusive
Status Sold Post
Price
Sector
Leisure
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On behalf of Trustees

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.

Location

Miles: 27 miles west of Exeter; 26 miles north of Plymouth
Roads: A386, A30
Air: Exeter Airport

Situation

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

Description

VAT

VAT is applicable to this lot.

EPC

vailable at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/ (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	£167,374.26	01/10/2023 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.