Premier Inn, Cleethorpes

Meridian Point, Kings Road, DN35 0PN

Premier Inn, Cleethorpes is a highly
reversionary, 84-room hotel and
detached 192 cover resturant on a
two acre site.

  • Let to Premier Inn Hotels Limited on a 25 year FRI lease
    from 14/11/2014.
  • Circa 14 years remaining before the tenant break option on 13/11/2033 and 20 years to expiry of the lease on 13/11/2039.
  • Total rent passing currently £377,539 pa.
  • Rent reviews occur every five years and are linked to CPI, with a cap of 5.0% pa. The next rent review is due on 14/11/2024.
  • Property is held by way of a 198 year leasehold interest from 01/10/1999 at peppercorn rent. The long lease is subject to the superior lease held by Maltgrade Limited which expires on 01/07/2198, with the freehold owned by North EastLincolnshire Borough Council.

Offers are sought in excess of £6,000,000. A purchase at this level reflects a net initial yield of 5.90%, assuming purchasers costs of 6.65%*

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Property contacts

Adam Lewis

Senior Surveyor

T +44 20 7747 0124M +44 78 5476 7197

Jeremy Grundy

Partner

T +44 20 7747 0131M +44 7973 667 015