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Premier Inn, Merdian Point, Kings Road, Cleethorpes, DN35 0PN
Highly reversionary, 84 room hotel and detached 192 cover restaurant on a two acre site. Let to Premier Inn Hotels Limited on a 25 year FRI lease from 14/11/2014, 14.9 years to tenant break on 13/11/2033 and 20.9 years to expiry on 13/11/2039. Total rent passing £349,999 per annum. Five yearly CPI linked rent reviews capped at 5% per annum. Property is held by way of a 198 year long leasehold interest from 01/10/1999 at a peppercorn rent. The freehold is owned by the North East Lincolnshire Borough Council. The forecast annual rent following the November 2019 CPI linked review is £381,817 per annum. The vendor will pay a “Top-Up” on the forecast rent.
Offers are sought in excess of £7,326,000 (Seven Million Three Hundred & Twenty Six Thousand Pounds) A purchase at this level reflects a net initial yield of 4.88%, assuming purchasers costs of 6.8%, subject to contract and exclusive of VAT.
Offers sought in excess of £7.326m