Offers over
£8,033,000
(£1,188.84/sq. ft)
Leisure/hospitality for saleNorth River Road, Great Yarmouth NR30
6,757 sq. ft
EPC Rating: F
About this property
Prominent 80-bedroom Premier Inn hotel with restaurant
Strategically situated on the A47 close to the train station, beach and all local amenities
Let to Premier Inn Hotels Ltd on a 25 year lease expiring March 2040, providing an unexpired term of 14.5 years to expiry with a tenant only break option in March 2035
Current passing rent of £578,444 per annum, reflecting a low rent per room of £7,231. The next review is due in March 2030
Rent is subject to 5 yearly (compounded annually) rent reviews with cpi linked uplifts, collared at 0% and 5%
Total site area of approximately 1.67 acres (0.67 hectares).
Asset management opportunities
Freehold
We are seeking offers in excess of £8,033,000 (Eight Million, Thirty Three Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 6.75% assuming purchaser’s costs of 6.68% and a capital value per bed of only £100,412 (based on 80 beds)
The property comprises a modern, purpose built budget hotel with separate restaurant.
Constructed in 2015, the hotel is laid out over ground floor and four upper floors providing a total of 80 rooms. In addition, there is a separate restaurant, adjacent, of 6,757 sq ft arranged over two floors. The hotel has recently been reclad by the tenant.
The ground floor comprises a reception, lobby, offices, ancillary areas and toilets. Two lifts serve the upper floors, laid out as 31 doubles, 34 triples, 11 quads and 4 accessible rooms. All rooms are fitted in the Premier Inn corporate style to a modern standard with ensuite bathrooms, LED lighting and air conditioning. Ancillary space is provided on all floors with a small staff facility on the top floor.
The separate restaurant building operates as a 100-plus cover, in-house facility for hotel residents providing, at ground floor, a bar area and restaurant with full kitchen, disabled toilet and ancillary areas behind. Male and female customer toilets are located on the first floor along with ancillary areas.
Externally, there are terraced areas and the property benefits from 125 car parking spaces, including 5 disabled bays arranged as open air and undercroft parking.
Location
Great Yarmouth is located 20 miles (32 km) east of Norwich and 10 miles (16 km) north of Lowestoft. The A47 connects Great Yarmouth with Norwich, Peterborough and Leicester to the east whilst the the A12 from Lowestoft runs south and connects Ipswich, Colchester and the M25.
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