Please call one of our team for more information:

Please call one of our team for a viewing or for more information:

jeremy.grundy@levyllp.co.uk
0207 747 0131
07973 667 015

Will.Edgley@levyllp.co.uk
020 7747 0120
07748 286 333

Premier Inn, Merdian Point, Kings Road, Cleethorpes, DN35 0PN

Premier Inn, Merdian Point, Kings Road, Cleethorpes, DN35 0PN

Investment Summary:

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.

Tenure:

Long Leasehold

Price:

Offers sought in excess of £7.326m

Yield:

4.88%

FLOOR
STATUS
Sq Ft
Sq M