Let to Travelodge Hotel Limited until 2031 with a Landlord Option to Renew the Lease Until 2041 (2)
No Break Options
Tenant Option to Renew the Lease for a Further 25 Years Until 2056 (2)
Comprises 72 En-suite Rooms, Bar/Restaurant and Secure Parking
5 Yearly Rent Reviews to the Greater of Open Market Rental Value or increased inline with Retail Price Index (RPI), Uncapped
Prominently Situated on the Main Arterial Road into Preston (A59)
Immediately opposite The Gatweway Park Retail and Leisure Park
Nearby Occupiers Include Lidl, B&M, Superpet, a Bingo Hall and Numerous Local Retailers
Lot 15
Auction 13th July 2023
Rent £231,081 per Annum Exclusive Rising to a Minimum of £292,420 in March 2026 (3)
Status Sold Post
Price
Sector Leisure
Auction Venue Live Streamed Auction
Property Information
Location
Miles
27 miles north-west of Manchester, 27 miles north-east of Liverpool
Roads
A59, A6, M55, M6
Rail
Preston Railway Station
Air
Manchester Airport
Situation
The property is situated in a prominent position fronting the main A59 arterial route from the M6 to the east of Preston City Centre, which is approximately 750m west of the property.
Immediately opposite the property is The Gateway Park Retail and Leisure Park which contains occupiers such as Lidl, B&M, Superpet, a Bingo Hall and numerous local retailers.
Tenure
Freehold.
Location
Miles
27 miles north-west of Manchester, 27 miles north-east of Liverpool
Roads
A59, A6, M55, M6
Rail
Preston Railway Station
Air
Manchester Airport
Situation
The property is situated in a prominent position fronting the main A59 arterial route from the M6 to the east of Preston City Centre, which is approximately 750m west of the property.
Immediately opposite the property is The Gateway Park Retail and Leisure Park which contains occupiers such as Lidl, B&M, Superpet, a Bingo Hall and numerous local retailers.
Tenure
Freehold.
Description
The property comprises a former substantial mill building converted into a modern 5 storey hotel with 72 en-suite hotel bedrooms, a bar, restaurant and conference room. The property also benefits from secure undercroft car parking at ground and first floor level.
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 former substantial mill building converted into a modern 5 storey hotel with 72 en-suite hotel bedrooms, a bar, restaurant and conference room. The property also benefits from secure undercroft car parking at ground and first floor level.
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 Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review (Reversion)
Ground First Second Second Third Fourth
Car Park Car Park 23 Rooms Ancillary 25 Rooms 24 Rooms
Not Measured
TRAVELODGE HOTELS LIMITED (CRN: 00769170) (1)
25 years from 20/03/2006 until 27/08/2031 with a Landlord option to renew the lease until 2041 and a Tenant option to renew the lease until 2056 (2)
£231,081
20/03/2026 5 yearly rent review increased to the greater of Open Market Rental Value or inline with Uncapped Retail Price Index (19/03/2031)
Totals
Not Measured
£231,081 Rising to a Minimum of £292,420 in March 2026 (3)
(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 09/06/2023). (2) The tenant has an option to renew the lease for 25 years until 2056, subject to written notice at least 6 months before the lease expiry date. Please see legal pack for further information. The landlord has an option to renew the lease for 10 years until 2041. (3) The lease provides for the rent to be reviewed to the higher of Open Market Rental Value as increased in line with the Retail Price Index (RPI) in accordance with the formula stated in the Rent Review clause of the lease. Using the latest RPI figure for April 2023 of 372.8, the rent will increase to a minimum of £292,420 per annum exclusive in March 2026.
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.
