Following the appointment of Kevin Mersh and Matthew Nagle of Savills as joint LPA Receivers, the firm’s investment team has sold the Travelodge, Riverside Retail Park in Taunton to RO Regional Properties Ltd for circa £2.6 million, representing a net initial yield of 6.5 per cent.
The property is occupied by hotel operator Travelodge, on a 60-year lease expiring in 2058. The asset currently generates an income of circa £177,000 per annum.
Andrew Main, director of investment at Savills, said: “Secured to one of the largest hotel chains in the UK on a long lease, this asset presented an appealing investment and attracted competitive bidding.”
RO Regional Properties was represented by Hoddell Stotesbury Morgan.
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