One Tony Wilson Place, Manchester
UK - Manchester
NZ$107,785,000 | 16,253 m²
Strategically situated in the centre of Twickenham on a prominent site of London Road and immediately adjacent Twickenham Station, the asset is underpinned by robust real estate fundamentals and budget hotel short-stay accommodation demand generators.
Built in 2011, the hotel offering includes 111 en-suite guestrooms and an onsite restaurant and bar accessed off London Road. The property is formed in sections with a lower six-storey section to the rear and other parts extending up to 10 stories.
Benefiting from a Landlord-only extension option, the hotel is let to Travelodge Hotels Limited, the second largest hotel brand in the UK, with an unexpired term certain of 28.9 years (inclusive of extension option).
Travelodge’s rent is subject to five-yearly upwards only uncapped rent reviews and indexed to the Retail Prices Index excluding Mortgage Interest Payments (RPIX).
The passing rent is £792,984 per annum, reflecting a sustainable rent per key of £7,144.