Hotels for Sale in London
Savills are pleased to exclusively offer for sale the London Manor House, Travelodge Plus, Hostel (Hackney Council), Co-Op and Retail.
Located directly adjacent to Manor House Underground Station on the eastern corner of Finsbury Park, Travelodge London Manor House sits in a strategic location. Positioned at the crossroads between Seven Sisters Road and Green Lanes in the London Borough of Hackney.
- Modern mixed-use freehold asset comprising a 143 bedroom Travelodge PLUS Hotel.
- A 28 unit and fully let Hostel and two retail units totalling 5,014 sq ft (466 sqm) NIA.
- Strategic Zone 2 location overlooking Finsbury Park and adjacent to Manor House Underground Station, with a high PTAL Rating of 6A.
- Purpose built asset completed in 2021 totalling 70,698 sq ft (6,568 sqm) GIA with strong ESG credentials achieving BREEAM Very Good.
- Quality tenant line up with 75% of the income let to Travelodge Hotels Limited alongside London Borough of Hackney Council and the Co-operative Food Group.
- Hotel is long let to Travelodge Hotels Limited (5A2 D&B with c.£200m cash as of 30th June 2023), on a lease expiring 10th June 2056. Further, providing a long 32.7 years unexpired term certain and a passing rent of £1,255,114 per annum reflecting a reversionary £8,777 per key. The rent is subject to five yearly index-linked reviews to RPIX with a collar of 1% and cap of 4%.
- Vacant A3 retail unit of 1,226 sq ft (114 sqm) NIA including potential for an additional 1,076 sq ft (100 sqm) NIA mezzanine, with an estimated rental value of £40,000 per annum. Additionally, advanced discussions are currently ongoing with a national F&B operator with Heads of Terms issued.
- Long weighted average unexpired lease term of 26.3 years to expiry.
- Total contracted passing rent of £1,674,340 annum with 83% of the income being index-linked.
- The Landlord will top up the Travelodge and Co-operative passing rents to the 2024 forecast index-linked rents. Also, a one year rental guarantee of £40,000 on the vacant retail unit, totalling £1,883,113 per annum.
- Strong alternative use and vacant possession value underwrite.