A private investor client has acquired the long leasehold interest in the Travelodge Hotel at Stonehouse, Gloucestershire. The modern, 40 bed hotel which benefits from 36 car spaces all occupying a site of 0.76 acres, is located just off junction 13 of the M5 adjacent to a Shell PFS, incorporating a Little Waitrose, and a Starbucks Coffee shop. The lease to Travelodge expires in August 2049 and the current rent is £201,061 pa reviewable 5 yearly to CPI. The purchase price of £1.5m reflects a net return of 12.6%. Allsop acted for the seller in the transaction.  

As part of a portfolio rationalisation process, clients have disposed of Burcott Industrial Estate in Hereford to a local Property Company. The estate, which sits just to the north of the city centre behind Hereford Retail Park in Burcott Road, extends to 30,500 sq ft in 9 units and currently produces a rent roll of £142,000 pa. 

Our retained clients, Howden Insurance, have acquired a unit in Eastgate Street, Gloucester being a relocation of their current branch in the city which they have outgrown. Sitting adjacent to Waterstones and diagonally opposite M&S, the unit extends to 3,780 sq ft over 3 floors. A new 15 year lease, with a break at year 10, has been entered into at a rent of £42,500 pa. Arc Retail acted for the landlord. 

Acting jointly with Halls in Shrewsbury, we have disposed of 47,600 sq ft of warehouse and office accommodation occupying a site of 1.8 acres in Clinton Road, Leominster. The purchaser, EKGUR Ltd, is proposing a comprehensive scheme of redevelopment to provide smaller units to suit occupier demand.

Seeing value in sectors which have been less in demand of late, Property Company clients have acquired 2 adjacent office buildings on Banbury Office Village in the popular Oxfordshire town of Banbury. Extending to a total of 7,155 sq ft with 27 car spaces, the units are let to Fisher German and Automotive Distribution Centre Ltd on 5 year leases at a combined rent of £100,172 pa. The purchase price of £1,050,000 represents a net return of 9%. The seller was represented by MK2 Real Estate.

Following agreement of preferential terms on the rent review, our Property Company clients have disposed of this prime, auto tyre and battery centre in Coalville, Leicestershire. Occupied by Formula One Autocentres and sitting in close proximity to national occupiers including Costa Coffee (Drive Thru), McDonalds, Lidl, Aldi, Screwfix, City Plumbing and City Electrical Factors, the unit extends to 8,000 sq ft together with 32 car spaces on a site of 0.6 acres.

Family trust clients of ours have recently completed the acquisition of this new C Store situated on a large residential development close to junction 7 of the M3 to the south west of Basingstoke. The unit which extends to 4,025 sq ft with excellent on site parking, is occupied by Tesco under the terms of an unbroken lease for 15 years at an initial rent of £140,000 pa. The purchase price of £2.375,000 represents a net return of 5.6%. Prideview represented the seller, Eastway Estates Ltd.

We have recently completed the acquisition of premises in Feasegate, York for our retained clients, Howden Insurance. The unit, which extends to 2,500 sq ft, occupies a prominent position in the centre of the city close to national occupiers including Sports Direct, WH Smith, Boots, Superdrug and Yorkshire Building Society. A new lease for 10 years, incorporating a break at year 5, at an initial rent of £40,000 pa has been entered into with the landlord, SDI (York) Ltd. Valorem Property acted for the landlord in the transaction.

Following a successful renewal of the lease, family trust clients have disposed of this industrial property situated on an established estate in Warmley on the eastern outskirts of Bristol. A detached unit of 9,700 sq ft sitting on a site of 1 acre, the premises are occupied by the Environment Agency on a 10 year lease at a rent of £90,000 pa. Atlas Real Estate acted for purchaser.