Former Little Chef (Travelodge) A303, Queen Camel Sparkford, Yeovil Somerset, BA22 7PH
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Former Little Chef (Travelodge)
A303, Queen Camel
Sparkford, Yeovil
Somerset, BA22 7PH
Investment Summary Location
Let to the strong covenant The subject property is located on Camel Hill, just to the
of Travelodge Hotels Ltd west of the village of Sparkford. The nearest town is
Yeovil, which is approximately six miles to the south with
For approx. a further 23.4 Taunton 25 miles to the west. The Royal Naval Air
years Station at Yeovilton is approximately three miles to the
west.
Let on full FRI terms
The subject property occupies a site of approx. 0.253ha
With uncapped, RPI linked
five yearly, upwards only (0.624 acres) with a substantial frontage to the road of
rent reviews approx. 86.56m (284ft). It is situated in a prominent
raised position immediately adjacent to a Shell petrol
Freehold filling station on the south side of the A303 trunk road,
approximately ½ mile west of the A359.
Substantial frontage to busy
A303 Trunk Road The A303 is one of the principle East/West carriageways
in South West England, linking the M3 in the East to the
Adjoining a Shell petrol
M5 in the west, which is some 20 miles distant, via the
filling station
A358.
Extensive car parking
Department of Transport surveys show average traffic
Low site cover of only 8.6% flows on this section of the A303, between the junctions
with the B3151 and A359, of in excess of 8.8m vehicles
Potential for redevelopment annually.
Attractive initial yield The A303 is not a dual carriageway at this point, enabling
easy access to the subject property by cars travelling
Highly liquid lot size
both in an easterly and westerly direction.
Ordnance Survey © Crown copyright 2010. All rights reserved. Licence number WL1005260. All site boundaries are approximate and are provided for identification purposes only. They must not therefore be relied upon.
Description Accommodation
The subject property comprises a single storey building We understand the property provides an approximate total gross internal
formerly utilised as a Little Chef roadside restaurant. We floor area of 217.24 sq m (2,338 sq ft).
understand that the building originally dates from the 1970’s NB. These areas have been provided by the vendor and have not been verified by ourselves. They must
but has been subsequently rebuilt as a result of a fire. not therefore be relied upon and all prospective purchasers must satisfy themselves as to their accuracy.
The external wall are of breeze block construction, which have
been externally clad in stone, under a pitched concrete tiled Tenure
roof. The windows are timber framed and single glazed.
The property is held freehold, under title number ST169245.
Internally the accommodation comprises an entrance porch, a
dining area with approximately 65 covers, customer WCs,
kitchen and servery, office, staff room, locker room and staff
WC.
The internal specification includes part tiled, part carpeted
floors, plastered painted walls and suspended ceilings with
inset spotlighting. There is a ceiling mounted air conditioning
cartridge in the dining area, off which are male, female and
disabled WCs.
The kitchen area has a solid non-slip floor, part titled and part
plastered painted walls and suspended ceilings with inset
fluorescent lighting. It comprises separate cooking and
preparation areas and incorporates a walk-in freezer. The
customer WCs and ancillary areas are heated by a gas fired
central heating system to radiators.
Externally there is a tarmacadamed area of hard-standing to
the east of the building, which provides car parking for
approximately 65 cars. Site coverage is very low at only
approx. 8.6% and thus offers potential for further
development , subject to the necessary consents.
Tenancy Opportunities
The property is fully let to the substantial non-occupational tenant We consider that this asset offers a purchaser a number of potential
of Travelodge Hotels Ltd for an unexpired term of approx. 23.4 benefits and opportunities, a brief summary of which we list below:
years, on a 35 year lease from 10th Feb 1999. The lease is drawn
on full FR&I terms and incorporates five yearly, uncapped, upwards Acquire a long term income stream (in excess of 23 years
only rent reviews in line with Retail Price Index. unexpired) .....
The current rent passing is £80,834 pax. The next rent review is on Secured against a strong covenant ....
10th Feb 2014.
With 5 yearly uncapped RPI linked upwards only rent
reviews .....
Thereby offering guaranteed rental growth and a hedge against
Tenant Covenant future inflation .....
Travelodge Hotels Ltd was the first budget hotel brand to launch in At an attractive initial income return well in excess of current
the UK in 1985, Travelodge now operates 380 hotels (26,500 bank deposit rates
rooms) - eight in Ireland, three in Spain and the rest in the UK.
Negotiate a surrender premium from the current non-
Travelodge plans to grow its estate to 70,000 rooms occupational tenant, refurbish the property and re-let to an
(approximately 1,000 hotels) by 2020. Six and a half million people alternative roadside retailer or leisure user .
stayed with Travelodge in 2008 The chain employs 5,500 staff and
is predominantly owned by Dubai International Capital. Redevelop, subject to the necessary consents, the currently
under utilised site (only approximately 9% site cover) to increase
According to Experian Credit Check, for the financial year ended
the net lettable floor area of the property.
31/12/2009, Travelodge Hotels Ltd reported a Turnover of
£294,400,000, a pre-tax profit of £66,500,000 and a net worth of Agree a surrender of the lease from the existing tenant and
£861,400,000. subject to the necessary consents and in conjunction with the
Experian have awarded them a Credit Risk Score of “A – Very Low adjoining owner, undertake a redevelopment of a substantially
Risk (Confidence)”. larger site, to include the adjoining petrol station, presenting an
opportunity to offer a variety of uses to multiple occupiers on
the site.
VAT Further Information
For further information or to arrange an inspection, please contact:
The property has been elected for VAT.
Justin Oldham Andrew Shackel
Investment Considerations Partner Partner
Unexpired lease term in excess of 23 years. Direct Dial: 020 7580 5225 Direct Dial: 020 7580 7617
Email: justin@jsoprop.com Email: andrew@jsoprop.com
Let to a strong covenant.
5 yearly, uncapped, upwards only, RPI linked rent
reviews.
Freehold.
Prominent position on busy A303 trunk road.
Attractive net initial income yield of 7.00%.
Highly liquid lot size.
Proposal
Offers are sought in the region of £1,090,000 for the
freehold interest. A purchase at this level reflects a net
MISREPRESENTATION ACT 1967 AND DECLARATION
initial yield of approx. 7.00%, after allowing for
Jones Shackel Oldham LLP for themselves and for the vendors or lessors of this property whose agents they are give notice that:
acquisition costs of 5.75%.
i. The particulars are set out as a general outline for the guidance of intending purchasers or lessees; and do not constitute, nor constitute part of, an offer or contract.
ii. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending
purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them.
JONES SHACKEL OLDHAM LLP iii. The Vendor or Lessor does not make or give, and neither Jones Shackel Oldham LLP nor any person in their employment has the authority to make or give any representation or warranty
whatsoever in relation to this property.
NO . 7 PORTLAND PLAC E iv. All statements contained in these particulars as to this property are made without responsibility on the part of Jones Shackel Oldham LLP or the Vendor/Lessor.
LONDON v. All quoting terms may be subject to VAT at the prevailing rate from time to time. vi. We have not tested the services and cannot give any warranty or undertaking as regards their efficiency or
W 1 B 1 PP operation.
vii. We stress that it is the proposed purchaser’s / tenant’s responsibility to fully satisfy themselves as far as the exact floor areas, exact nature of the existing use and planning are concerned and as
T: 020 7580 4491 to whether their proposed use requires planning.
F: 05603 421 333
Subject to Contract. October 2010
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