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Travelodge, Market Place, Romford RM1

For sale
  • Romford is a thriving retail centre and busy commuter town in East London in the London Borough of Havering.
  • The town is located 7 miles (11.3 km) south of Brentwood, 8 miles (12.9 km) north east of Stratford and 12 miles (19.3 km) north east of Central London.
  • Romford is a major metropolitan centre in Greater London being only 17 minutes from London Liverpool Street and has also benefitted from the recent opening of the Elizabeth Line.
  • The property occupies a prominent position in the heart of the town centre and within a 5 minute walk from Romford Station.
  • Long Leasehold interest for a term of 999 years at a peppercorn rent.
  • A 65 bedroom hotel arranged over part ground and three upper floors which was developed in mn2017.
  • Let to Travelodge Hotels Limited on an FRI lease with 20.3 years unexpired.
  • The new rent as of July 2022 will be £443,800 per annum reflecting £6,830 per room (current passing rent is £395,935.42 per annum reflecting £6,091 per room).
  • The lease is subject to 5 yearly upwards only , CPI linked rent reviews which are capped at 4%.
  • The next rent review occurs on the 25th July 2022.
  • We are seeking offers in excess of £6,900,000 (Six Million Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level would reflect a Net Initial Yield of 6.00% assuming standard purchaser’s costs of 6.80%.
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