Opportunity to acquire a long-let hotel in the heart of Aberdeen. Situated on the corner of Union Street and Bridge Street, only 300m from the main railway station in Aberdeen. Recently rebased rent. 97-bed hotel arranged over ground and four upper floors with car parking available in the basement. Due to under-go a full refurbishment to upgrade to the New Design Travelodge specification. Let to Travelodge Hotels Ltd for long unexpired term of 25.5 years. Passing rent of £619,996 per annum, reflecting a low rent of £6,392 per room, subject to 5-yearly rent reviews linked to the Retail Price Index (RPI) with a cap and collar (1% and 3%). Next rent review due in October 2028 where the rent is forecast to increase to £716,320 per annum (£7,384 per key). Strong performing tenant – Travelodge reported record breaking turnover of over £1 billion during 2023 and saw strong performance continue through 2024. Well under-pinned by Vacant Possession value – equivalent to 86% of quoting price. Heritable interest (Scottish Equivalent of an English Freehold).
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