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TODAY'S OTHER NEWS

Hong Kong investor acquires London hotel for £42m

YT Realty Group Ltd, the Hong Kong-based investment company, has purchased the Travelodge Hotel close to Liverpool Street Station in London from Goldman Sachs – advised by CBRE - for £42m.  The deal reflects a net initial yield of 4.84%.

The 142-bedroom hotel, which was acquired by Savills on behalf of the Hong Kong investment firm, is arranged over seven floors and is let to Travelodge Hotels Ltd with an unexpired term of 33 years and generates £2,069,144 a year. The investment includes an underletting to the Post Office for 20 years from 2001 at a peppercorn rent.

Phillip Garmon-Jones of the cross border investment team at Savills in Hong Kong commented: “We are delighted to have assisted YT Realty in its first independent UK acquisition. The investment benefits from long term income as well as a natural inflation hedge with upside potential in the future. The deal highlights London’s continuing appeal to Asian investors.”

Meanwhile, Savills, on behalf of a private client, yesterday brought to market Spearmint Rhino on Brown Street in Sheffield for a guide price of £1.7m.

The property is let to Sonfield Development Limited at a rent of £165,000 per year. The lease is guaranteed by Spearmint Rhino UK Ltd with circa 10 years remaining.

Located in Sheffield city centre, the building is close to numerous other leisure operators including The Leadmill, The Howard and the Sheffield Hallam University Student’s Union.

Pete Scholes, surveyor in the licensed leisure team at Savills, said: “This established city centre business offers a good rental income and we therefore expect it to generate significant interest among potential investors.”

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