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
- 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%*