Travelodge Portsmouth Hilsea sold for £1.66m, representing a 6.1% NIY
Turner Locker Barnfield, on behalf of Vauxhall Estates, has purchased the Travelodge Portsmouth Hilsea Hotel from a private client of Philips Lockhart Starr.
The sale price was £1.66m, representing a Net Initial Yield of 6.1%. The property is let on FRI terms for 25 years from August 10th 2010. There are five year only rent reviews inked to RPI.
Exeter based Turner Locker Barnfield acted on behalf of Vauxhall Estates. Philips Lockhart Starr represented the vendor.
Dave Moxom from Turner Locker Barnfield commented:
“Our clients were seeking a secure investment with good growth and the strength of the Travelodge covenant, combined with reviews linked to RPI, made this an ideal opportunity.”
The Portsmouth Hilsea sale is the seventh Travelodge lease investment sale of this year: