Travelodge Hotels Ltd & Costa Ltd, William Street, Workington, Cumbria, CA14 3YG
FSP has recently completed the disposal of a Travelodge Hotel and Costa Coffee Drive Thru development in Workington, Cumbria, on behalf of Hinton Group.
The property was forward funded by LXI REIT plc, represented by Mason Owen.
The property comprises a 78 bed hotel with bar/café and integral Costa Coffee unit with drive thru lane along with a shared car park of 94 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 £418,800 per annum.
The property was sold for £6,871,500 which reflects a net initial yield of 5.85%.