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To Let

York Central, Piccadilly, York, Yorkshire , YO1 9NX

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For Sale

York Central, Piccadilly, York, Yorkshire , YO1 9NX

Freehold

£8,200,000 / NIY 4.00%

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Super reversionary investment with future development potential

Property specification

  • The City of York is one of the UK's most affluent cities and a popular tourist & leisure destination attracting 7 million annual visitors with £765m annual spend
  • The subject property is within walking distance of the main tourist attractions such as York Minster and The Shambles
  • Freehold
  • The property comprises a purpose built, 90 bedroom (c.35,240 sq ft) Travelodge hotel (arranged over four floors) with a 7,524 sq ft J D Wetherspoon pub on the ground floor
  • The hotel element is let to Travelodge Hotels Limited with approximately 13 years unexpired with 5 yearly rent reviews to the higher of a) 50% of OMV or b) annual increases of 3% per annum compounded
  • The retail element is let to J D Wetherspoon plc with approximately 3 years unexpired and currently let at a conservative rent equating to only £13.92 per sq ft overall. JD Wetherspoon is keen to extend their lease or purchase a long leasehold interest
  • The hotel income reflects only £2,709 per bed (based on 50% of the current OMV) We understand the current OMV is in the order of £6,750 per room The total current passing rent for the property is £348,578 per annum (Travelodge £243,828pa, JDW £104,750pa)
  • Super reversionary due to the Travelodge rent let at 50% of market rent and 3% compounded annual increases with potential to more than double the reversion in 13 years to in excess of 8% and potentially more in the event that J D Wetherspoon is let at a higher rent than currently The asset has strong alternative use potential due to its locational merits
  • Low capital value rate of £196 per sq ft
  • £8,200,000 / NIY 4.00%

Location

The subject property is within walking distance of the main tourist attractions such as York Minster and The Shambles

Location

The subject property is within walking distance of the main tourist attractions such as York Minster and The Shambles

Train Stations
  • York 1.03km
  • Upper Poppleton 5.14km
  • Kirk Hammerton 14.22km
  • Ulleskelf 14.47km

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