TRAVELODGE EUROPE WAY, CUMBRIA CA13 0RJ - LONG LET HOTEL INVESTMENT WITH RPI RENTAL UPLIFTS - Allsop
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TRAVELODGE EUROPE WAY, CUMBRIA CA13 0RJ LONG LET HOTEL INVESTMENT WITH RPI RENTAL UPLIFTS
TRAVELODGE
EUROPE WAY, CUMBRIA CA13 0RJ LONG LET HOTEL INVESTMENT WITH RPI RENTAL UPLIFTS
INVESTMENT CONSIDERATIONS
■■ Freehold Hotel Investment ■■ Lease subject to five yearly uncapped RPI rent reviews
■■ Located in the ‘Gem’ town of Cockermouth within the picturesque Lake District National Park ■■ Lake District benefits from 62.7 million tourist days in 2017 (source: Cumbria Tourism)
■■ 43 bedrooms, 20 seat restaurant totalling 19,432 sq ft (1,805.3 sq m) ■■ Visitors brought £2.9 billion to the regional economy
with Car Parking for 43 vehicles ■■ Offers in excess of £2,695,000 (Two Million, Six Hundred and Ninety Five
■■ 14.55 years unexpired to the 5A1 covenant of Travelodge Hotels Ltd Thousand Pounds) subject to contract and exclusive of VAT. A purchase at
■■ Current passing rent of £172,087 per annum this level reflects an attractive net initial yield of 6.00% and reversion to 6.95%*
in 2022 after deductions for purchaser’s costs.
*Based on forecast RPI (www.statista.com)
TRAVELODGE
EUROPE WAY, CUMBRIA CA13 0RJ LONG LET HOTEL INVESTMENT WITH RPI RENTAL UPLIFTS
LOCATION
Located within Cumbria in the North West of England,
The Lake District is a picturesque mountainous region,
covering 912 square miles. The Lake District National
Park encompasses most of the Lake District and is
designated by UNESCO as a world Heritage Site.
Its area covers 58 km (36 miles) east to west and 64 km
(40 miles) north to south.
More specifically, Cockermouth is located to the North
West of the Lake District, approximately 10.9 km (6.8
miles) south east of Maryport, 19.6 km (12.2 miles)
north west of Keswick and 41 km (25.5 miles) south west
of Carlisle. This market town benefits from good road
communications with the A595 running north, linking
the town to Carlisle, the A66 running from east to west
providing access from Workington to the west and the
Lake District and M6 motorway to the east.
The town is served by regular public transport bus links
and benefits from a wide range of local amenities,
including many independent clothes and food store.
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© Crown Copyright, ES 100004106. For identification purposes only.
TRAVELODGE
EUROPE WAY, CUMBRIA CA13 0RJ LONG LET HOTEL INVESTMENT WITH RPI RENTAL UPLIFTS
SITUATION
The Cockermouth Travelodge is situated on the south side of Marvejols
Park, approximately 500 metres (0.3 miles) south west of Cockermouth
town centre. Access to the hotel is via Marvejols Park in close proximity
to the junction of the A 5086 and the A66. The surrounding area can be
classified as predominantly residential with a few commercial occupiers
within vicinity. These occupiers include, Starbucks Coffee, Lakeland
Business Park, Honda Car dealership, Amethyst Hair and Beauty, Dalton
Court Care Homes, Oakhurst garden Centre and Cumbria Police Station.
The property benefits from being 150 metres south west of a bus stop
that leads directly to both Cockermouth town centre and Carlisle town
centre. There are direct train routes from Carlisle to London Euston with
a journey time of 3 hours and 20 minutes.
TENURE
Freehold
SITE
Site area approximately 0.34 ha (0.85 acres).
TRAVELODGE
EUROPE WAY, CUMBRIA CA13 0RJ LONG LET HOTEL INVESTMENT WITH RPI RENTAL UPLIFTS
DESCRIPTION COVENANT
The property comprises a modern, purpose built hotel constructed in 2007. It provides 43 en-suite bedrooms and a Bar Café Established in 1985, Travelodge was the first budget hotel brand in the
on the ground floor which seats 20 diners. There is car parking on site for 43 cars which is accessed off Marvejols Park. UK. It is now the UK’s largest independent hotel brand, with more than
560 hotels and 40,000 guest bedrooms, right across the UK as well as in Ireland and Spain.
In April 2012, ownership was passed to GoldenTree Asset Management, Avenue Capital
Group and Goldman Sachs. Since 2012, the company has thrived investing approximately
£100m in updating, upgrading and incorporating new features to their rooms. In addition,
Travelodge has recently successfully refinanced.
The very strong covenant of Travelodge Limited has a Dun and Bradstreet rating of 5A1
ACCOMMODATION & TENANCY INFORMATION and boasts the following figures:
Address Tenant Accommodation Rent Lease Start Term Lease End Review 31 Dec 2017 31 Dec 2016 31 Dec 2015
Turnover £624,000,000 £587,700,000 £552,100,000
TRAVELODGE, Travelodge Hotel: 43 Rooms £172,087.02 pa 14/12/2007 25 years 13/12/2032 Uncapped RPI review
Europe Way Ltd Restaurant: 20 Seats Dec - 2022 Profit £45,200,000 £46,800,000 -£545,300,000
Cumbria CA13 0RJ Car Park: 43 Spaces Dec - 2027
Tangible Net Worth £303,200,000 £257,400,000 £213,600,000
A75
A75
TRAVELODGE
EUROPE WAY, CUMBRIA CA13 0RJ LONG LET HOTEL INVESTMENT WITH RPI RENTAL UPLIFTS
A569
CARLISLE
COCKERMOUTH
Cockermouth is one of only 51 ‘Gem’ and shopping. It is widely regarded as an • Cockermouth Castle
towns in the UK and is therefore important tourist and National Heritage site. • Crummock Water
recognised by the state as an important Due to its close proximity and accessibility • Lake District Coast Aquarium
part of our national heritage. to many cultural and historically • Buttermere
This Georgian town is renowned for significant sites, Cockermouth is a popular
• Jennings Brewery
its beautiful scenery as well as being destination for tourists to stay. Local tourist
recognised for its history, literature, culture attractions include: • Wordsworth House
A595
A596
Coast Aquarium Maryport
Jennings Brewery Cockermouth Castle
Wordsworth House PENRITH
Greystoke
COCKERMOUTH A66
Workington
Keswick
Crummock Water
Whitehaven
Buttermere M6
A591
A595
Lake District
A6
LAKE DISTRICT National Park
WINDERMERE
47 MILLION £2.9BILLION TO 62.7 MILLION 2016-2017 INCREASE OF
VISITORS IN 2017 REGION’S ECONOMY TOURIST DAYS 5.5% IN TOURIST DAYS KENDAL
A591
A5092
55,690 HA OF 16,510 ARCHAEOLOGICAL UK’S LARGEST LAKES
NATURAL HERITAGE SITES SITES AND MONUMENTS INCLUDING, LAKE WINDERMERE A590
A65
EPC
The EPC Certificate is available on request.
VAT
The property is elected for VAT and it is anticipated that the transaction
will be treated as transfer of a going concern (TOGC).
DATAROOM
For access to the Allsop Dataroom please CLICK HERE
PROPOSAL
Offers in excess of £2,695,000 (Two Million, Six Hundred and Ninety Five Thousand Pounds)
subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield
of 6.00% and reversion to 6.95%* in 2022 after deductions for purchaser’s costs.
*Based on forecast RPI (www.statista.com)
For further information or to make arrangements for viewing please contact:
Mark Dansky Ronnie Morgan
020 7543 6813 020 7543 6808
mark.dansky@allsop.co.uk ronnie.morgan@allsop.co.uk www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied
on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and
contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of
each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop
is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.18
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