INVESTMENT CONSIDERATIONS Freehold Hotel Investment Located in the Gem town of Cockermouth within the picturesque Lake District National Park 43 bedrooms, 20 seat restaurant totalling 19,432 sq ft (1,805.3 sq m) with Car Parking for 43 vehicles 14.55 years unexpired to the 5A1 covenant of Travelodge Hotels Ltd Current passing rent of 172,087 per annum Lease subject to five yearly uncapped RPI rent reviews Lake District benefits from 62.7 million tourist days in 2017 (source: Cumbria Tourism) Visitors brought 2.9 billion to the regional economy Offers in excess of 2,695,000 (Two Million, Six Hundred and Ninety Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 6.00% and reversion to 6.95% * in 2022 after deductions for purchaser s costs. *Based on forecast RPI (www.statista.com)
LOCATION Located within Cumbria in the North West of England, The Lake District is a picturesque mountainous region, covering 912 square miles. The Lake District National Park encompasses most of the Lake District and is designated by UNESCO as a world Heritage Site. Its area covers 58 km (36 miles) east to west and 64 km (40 miles) north to south. More specifically, Cockermouth is located to the North West of the Lake District, approximately 10.9 km (6.8 miles) south east of Maryport, 19.6 km (12.2 miles) north west of Keswick and 41 km (25.5 miles) south west of Carlisle. This market town benefits from good road communications with the A595 running north, linking the town to Carlisle, the running from east to west providing access from Workington to the west and the Lake District and M6 motorway to the east. The town is served by regular public transport bus links and benefits from a wide range of local amenities, including many independent clothes and food store. A595 A5086 GOTE ROAD B5292 COCKERMOUTH HIGHLAND SPORTS GROUND MARVEJOLS PARK ELLERBECK BROW LAMPUGH RD HARRIS PARK B5292 El Sub Sta Path Crown Copyright, ES 100004106. For identification purposes only.
SITUATION The Cockermouth Travelodge is situated on the south side of Marvejols Park, approximately 500 metres (0.3 miles) south west of Cockermouth town centre. Access to the hotel is via Marvejols Park in close proximity to the junction of the A 5086 and the. The surrounding area can be classified as predominantly residential with a few commercial occupiers within vicinity. These occupiers include, Starbucks Coffee, Lakeland Business Park, Honda Car dealership, Amethyst Hair and Beauty, Dalton Court Care Homes, Oakhurst garden Centre and Cumbria Police Station. The property benefits from being 150 metres south west of a bus stop that leads directly to both Cockermouth town centre and Carlisle town centre. There are direct train routes from Carlisle to London Euston with a journey time of 3 hours and 20 minutes. TENURE Freehold SITE Site area approximately 0.34 ha (0.85 acres).
DESCRIPTION The property comprises a modern, purpose built hotel constructed in 2007. It provides 43 en-suite bedrooms and a Bar Café on the ground floor which seats 20 diners. There is car parking on site for 43 cars which is accessed off Marvejols Park. ACCOMMODATION & TENANCY INFORMATION Address Tenant Accommodation Rent Lease Start Term Lease End Review TRAVELODGE, Europe Way Cumbria CA13 0RJ Travelodge Ltd Hotel: 43 Rooms Restaurant: 20 Seats Car Park: 43 Spaces 172,087.02 pa 14/12/2007 25 years 13/12/2032 Uncapped RPI review Dec - 2022 Dec - 2027 COVENANT Established in 1985, Travelodge was the first budget hotel brand in the UK. It is now the UK s largest independent hotel brand, with more than 560 hotels and 40,000 guest bedrooms, right across the UK as well as in Ireland and Spain. In April 2012, ownership was passed to GoldenTree Asset Management, Avenue Capital Group and Goldman Sachs. Since 2012, the company has thrived investing approximately 100m in updating, upgrading and incorporating new features to their rooms. In addition, Travelodge has recently successfully refinanced. The very strong covenant of Travelodge Limited has a Dun and Bradstreet rating of 5A1 and boasts the following figures: 31 Dec 2017 31 Dec 2016 31 Dec 2015 Turnover 624,000,000 587,700,000 552,100,000 Profit 45,200,000 46,800,000-545,300,000 Tangible Net Worth 303,200,000 257,400,000 213,600,000
A75 A75 TRAVELODGE A569 CARLISLE COCKERMOUTH Cockermouth is one of only 51 Gem towns in the UK and is therefore recognised by the state as an important part of our national heritage. This Georgian town is renowned for its beautiful scenery as well as being recognised for its history, literature, culture and shopping. It is widely regarded as an important tourist and National Heritage site. Cockermouth Castle Due to its close proximity and accessibility to many cultural and historically significant sites, Cockermouth is a popular destination for tourists to stay. Local tourist attractions include: Lake District Coast Aquarium Crummock Water Buttermere Jennings Brewery Wordsworth House A596 Coast Aquarium A595 Maryport Jennings Brewery Wordsworth House Cockermouth Castle Greystoke COCKERMOUTH PENRITH Workington Keswick Crummock Water Whitehaven Buttermere M6 A591 A595 LAKE DISTRICT Lake District National Park A6 WINDERMERE 47 MILLION VISITORS IN 2017 2.9BILLION TO REGION S ECONOMY 62.7 MILLION TOURIST DAYS 2016-2017 INCREASE OF 5.5% IN TOURIST DAYS KENDAL A591 55,690 HA OF NATURAL HERITAGE SITES 16,510 ARCHAEOLOGICAL SITES AND MONUMENTS UK S LARGEST LAKES INCLUDING, LAKE WINDERMERE A5092 A590 A65
EPC The EPC Certificate is available on request. VAT The property is elected for VAT and it is anticipated that the transaction will be treated as transfer of a going concern (TOGC). DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/travelcumbria PROPOSAL Offers in excess of 2,695,000 (Two Million, Six Hundred and Ninety Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 6.00% and reversion to 6.95% * in 2022 after deductions for purchaser s costs. *Based on forecast RPI (www.statista.com) For further information or to make arrangements for viewing please contact: Mark Dansky 020 7543 6813 mark.dansky@allsop.co.uk Ronnie Morgan 020 7543 6808 ronnie.morgan@allsop.co.uk www.allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandhq.co.uk 06.18