Travelodge Hotel & Costa Coffee Drive Thru, Ducklington Lane, Witney, OX28 4TJ
FSP has recently completed the disposal of a Travelodge Hotel and Costa Coffee Drive Thru development in Witney, Oxfordshire, on behalf of Hinton Group.
The property was forward funded by BMO.
The property comprises a 63 bed hotel with bar/café and a Costa Coffee Drive Thru unit of 2,200 sq.ft along with a shared car park of 71 spaces.
The hotel is let to Travelodge Hotels Ltd for 25 years with 5 yearly reviews to RPI collated at 1% and capped at 4% per annum compounded.
The coffee unit is let to Costa Ltd for 15 years with 5 yearly reviews to RPI collared at 1% and capped at 3% per annum compounded.
The total combined income is £444,147 per annum.
The property was sold for £8,326,872 which reflects a net initial yield of 5.00%.