Lot
047
Auction Ends: 27/04/2022 13:34

Travelodge Newcastle Seaton Burns, A1, A19 Fisher Ln, , Newcastle Upon Tyne, Tyne And Wear NE13 6EP

Property Details
Location
Auction Details
Description
Freehold prominent Travelodge Hotel investment set within the extensive Seaton Burns motorway services, let by way of an FRI lease until 2029 with a passing rent of £173,390.00 per annum with upward only 5 yearly reviews. The Freeholder has the benefit of a unilateral option to extend the lease for an additional term of approximately 9 years 11 months, all as calculated by way of a prescribed formulae. Additionally, the Tenant has the option to renew the lease for a further term of 25 years. The wider site also comprises a Greggs, a Burger King, an ESSO petrol station and onsite parking, all of which are held by an underlease, to the Travelodge headlease, in favour of the EG Group.
Location
The hotel provides excellent access to the region being located at the intersection of Junction 80 M1 motorway and the A19M, approximately 7 miles north of Newcastle city centre and 6.5 miles from Newcastle's international airport.
Approx Site Area
Approximately 1.6 Acres (0.65 Hectares).
Tenure
Unknown
Tenancy
The FRI occupational lease with Travelodge runs for a period of 25 years and 3 months from 1st July 2004 to 30th September 2029 with 5 yearly reviews with a passing rent of £173,390.00 per annum.

Under a variation dated 9th May 2014, the Freeholder has the option to effect a new lease for a term calculated by a prescribed formulae. Our client advises that the calculation provides an additional term of approximately 9 years, 11 months, 22 days however interested parties should satisfy themselves in this regard.

There is also a Tenant's Lease Renewal Option in the lease for a new lease of 25 years at an annual rent as set out by the Deed of Variation dated 19 October 2004. The Tenant is required to serve 12 months notice on the Landlord, in the last year of the current lease.

Interested Parties must satisfy themselves as to all aspects set out above.
Costs
Details of the Buyer's Premium and any additional fees payable are contained within the legal documents.
General
1. The UK's largest independent hotel brand, with more than 570 hotels and 40,000 guest bedrooms, right across the UK as well as in Ireland and Spain. Hotels are located in the centre of major cities, including London, Edinburgh, Cardiff, Manchester, Birmingham, Belfast, Dublin, Barcelona, and Madrid; in most of Britain's larger towns, as well as in the classic seaside locations and vital roadside stops. More than 190 of its hotels have our on-site Bar Café restaurant, and almost all are located close to other restaurants and coffee shops, making Travelodge the ideal base for travel. 13 new hotels are expected to open in 2020 and further locations identified for expansion. A recent £100m modernisation programme has seen Travelodge upgrade more than 30,000 rooms across our estate with a more contemporary look and feel, and install 40,000 brand new king size Travelodge Dreamer beds and separate pull-out beds for children in our family rooms. (Source Travelodge Website dated 3rd February 2021 : https://www.travelodge.co.uk/about/our-company)

2. All the information provided on our website is for indicative purposes only and interested parties should rely upon the contents of the legal pack and their own due diligence as a prudent bidder.


3. PLEASE NOTE BIDDING COMMENCES ON TUESDAY 26TH APRIL AND CLOSES ON WEDNESDAY 27TH APRIL.

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