Travelodge Hotel & Costa Coffee Drive Thru, Harlequin Park, Emersons Green, Bristol, BS16 7FN
FSP has recently completed the disposal of a newly completed Travelodge Hotel and Costa Coffee Drive Thru development in Emersons Green, Bristol, on behalf of Hinton Group.
The property was forward funded BMO Real Estate.
The property comprises a 90 bed hotel with bar/café with 97 car parking spaces and a Costa Coffee Drive Thru unit of 1,800 sq.ft along with 32 car parking 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 £613,250 per annum.
The property was sold for £11,619,000 which reflects a net initial yield of 4.95%.