Let to Travelodge Hotels Limited until 2029 with a Landlord Option to Renew the Lease for until approximately 2039 (2)
Tenant Option to Renew the Lease for a further 25 years (2)
Includes a 40 bedroom Travelodge Hotel, and a Restaurant Building sublet t/a Greggs and a Burger King (3)
Approximately 75 Car Parking Spaces
5 yearly Rent Reviews linked to the Retail Price Index (RPI)
Prominently situated on the Services at A1/A19 Junction
Approximate site area of 0.65 Hectares (1.6 Acres)
Approximate Site Coverage of 13%
Lot 12
Auction 18th May 2023
Rent £173,390 per Annum Exclusive
Status Sold Post
Price
Sector Leisure
Auction Venue Live Streamed Auction
Property Information
Location
Miles
7 miles north of Newcastle City Centre
Roads
A19M, M1 (Junction 80)
Rail
Cramlington Train Station
Air
Newcastle International Airport
Situation
The property is situated within the Seat Burns motorway services in an prominent position to the north of the busy Seaton Burn Roundabout at its junction with the A1 Motorway and A19.
Tenure
Freehold.
Location
Miles
7 miles north of Newcastle City Centre
Roads
A19M, M1 (Junction 80)
Rail
Cramlington Train Station
Air
Newcastle International Airport
Situation
The property is situated within the Seat Burns motorway services in an prominent position to the north of the busy Seaton Burn Roundabout at its junction with the A1 Motorway and A19.
Tenure
Freehold.
Description
The property comprises a modern 2 storey, 40 bedroom hotel and a separate restaurant building with Greggs and Burger King restaurants (3). The property benefits from a site area of approximately 1.60 Acres (0.65 Hectares) with a site coverage of approximately13% and with car parking for approximately 75 cars. The site is accessed from the A1068 and the Old Great North Road.
Neighbouring occupiers include an Esso petrol filling station and a Holiday Inn hotel. The tenant has sublet the Restaurant building.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a modern 2 storey, 40 bedroom hotel and a separate restaurant building with Greggs and Burger King restaurants (3). The property benefits from a site area of approximately 1.60 Acres (0.65 Hectares) with a site coverage of approximately13% and with car parking for approximately 75 cars. The site is accessed from the A1068 and the Old Great North Road.
Neighbouring occupiers include an Esso petrol filling station and a Holiday Inn hotel. The tenant has sublet the Restaurant building.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas sq m
Floor Areas sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground First Ground
Hotel Hotel Restaurant Building (3)
653.95 653.95 209.42
(7,039) (7,039) (2,254)
TRAVELODGE HOTELS LIMITED (CRN: 00769170)
25 years from 27/08/2004 until 27/08/2029 with a Landlord option to renew the lease until approximately 2039 and tenant option to renew the lease until 2054 (2)
£173,390
27/08/2025 5 yearly rent review increases in line with the Retail Price Index
Total Approximate Floor Area
1,517.32
(16,332)
£173,390
(1) Travelodge Hotels Limited (CRN: 00769170) is the UK’s largest independent hotel brand. With more than 590 hotels and 40,000 guest bedrooms across the UK, Ireland and Spain (Source: www.travelodge.co.uk 18/04/2023). (2) The Landlord has an option to compel the tenant to renew the lease for approximately 10 years pursuant to the Formula stated in the lease and a tenant an option to renew the lease for 25 years until 2054. Bidders are referred to the Formula and terms stated in the lease and must be take independent legal advice in regard to the options before registering to bid for the property. (3)The tenant has sublet the restaurant building that trades as Greggs and Burger King.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
