Travelodge Hotel, Burnt Mill Retail & Leisure Park, Edinburgh Gate, Harlow Essex CM20 2JE

Travelodge Hotel, Burnt Mill Retail & Leisure Park, Edinburgh Gate,
Harlow
Essex
CM20 2JE

Substantial Hotel Ground Rent Investment

Entirely let to AXA UK Pension Trustees Corporation until 3002
Important 2013 rent review
Rent reviewed in line with RPI or the Harmonised Index of Consumer Prices
Sublet to and occupied by Travelodge Hotels Ltd until 2035
Prominent position on A414 with excellent access to M11 motorway
Six Week Completion Period Available

Lot
9
Auction
8th December 2011
Rent
£70,829 per Annum Exclusive
Status
Sold
Price
£1,875,000
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On the instructions of J Pitt and B Moon acting as Joint LPA Receivers

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Substantial Hotel Ground Rent Investment

Entirely let to AXA UK Pension Trustees Corporation until 3002
Important 2013 rent review
Rent reviewed in line with RPI or the Harmonised Index of Consumer Prices
Sublet to and occupied by Travelodge Hotels Ltd until 2035
Prominent position on A414 with excellent access to M11 motorway
Six Week Completion Period Available

Lot 9
Auction 8th December 2011
Rent £70,829 per Annum Exclusive
Status Sold
Price £1,875,000
Sector
Ground Rent
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On the instructions of J Pitt and B Moon acting as Joint LPA Receivers

Property Information

Location

Miles: 25 miles north-east of Central London, 22 miles from the Olympic Stadium at Stratford, 15 miles south of Stansted Airport
Roads: A414 (Edinburgh Way), M11 (Junction 7), M25 (Junction 27)
Rail: Harlow Town Rail (London Liverpool Street in 31 minutes)
Air: Stansted International Airport

Situation

The property is situated in a highly prominent position adjacent to the A414 Edinburgh Way which provides direct access to the M11 Motorway (Junction 7). The property benefits from its close proximity to Stansted Airport, Central London and from the investment in infrastructure and development in East London in preparation for the 2012 Olympic Games. Harlow Town Rail Station is situated some 120 metres north-west of the property.

Tenure

Virtual Freehold. Held for a term of 999 years plus 3 days from and including 27th November 2003 at a peppercorn rent

Location

Miles: 25 miles north-east of Central London, 22 miles from the Olympic Stadium at Stratford, 15 miles south of Stansted Airport
Roads: A414 (Edinburgh Way), M11 (Junction 7), M25 (Junction 27)
Rail: Harlow Town Rail (London Liverpool Street in 31 minutes)
Air: Stansted International Airport

Situation

Tenure

Virtual Freehold. Held for a term of 999 years plus 3 days from and including 27th November 2003 at a peppercorn rent

Description

The property comprises a site of approximately 0.081 hectares (0.200 acres) upon which has been constructed a 90-bedroom hotel over ground, first, second and third floors. The property also benefits from the right to use 112 car parking spaces.

VAT

VAT is applicable to this lot.

EPC

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

Description

VAT

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

Site	Tenant	Term	Rent p.a.x	Reviews
Majority of Site	AXA UK PENSION TRUSTEES CORPORATION (1) (2)	999 years from 03/11/2003 until 3002	£70,829.68 (3)	03/11/2013 and five yearly until 2038 and 25 yearly thereafter (4)
Small area of Site (5)	AXA UK PENSION TRUSTEES CORPORATION (1) (2)	999 years from 03/11/2003 until 3002	£1 (if demanded)
Totals			£70,829.68 (3)

(1) AXA UK Pension Trustees Corporation is a subsidiary of AXA Insurance plc who for the year ending 31st December 2010, reported a turnover of £132,000, pre-tax profits of £144,806,000 and a total net worth of £2,000,931,000. (Source: www.riskdisk.com 11/11/2011)
(2) The tenant has sublet the property to Travelodge Hotels Ltd for 30 years until 2035. For further information please refer to the Auctioneers or the legal documents.
(3) The initial rent under the lease was £59,187.50 p.a. The rent was reviewed in 3rd November 2008 and the tenant is currently paying £70,829.68 p.a.x, however the Seller cannot provide the rent review memorandum in respect of this rent review.
(4) The rent is reviewed to the higher of the rent under the lease immediately before the rent review; Initial Rent plus the Retail Price Index increase; or Initial Rent plus the Harmonised Index of Consumer Prices increase.
(5) Please refer to the piece of land labelled '1' on the title plan in the legal documents.