27th June 2019
Martin’s Properties, a leading property investment and development company based in Central London and operating throughout the South of England, has acquired its first hotel as it continues to diversify its £375 million property portfolio.
The £3.55m acquisition of the Alton Travelodge in Four Marks represents a NIY of 5.86%. The property is let to Travelodge Hotels Limited for a further 11 years with a landlord reversionary lease option for an additional 8 years, offering a total of 19 years term certain.
The 1.55 acre site is located in the affluent parish of Four Marks near Alton which is on the connecting A31 between the A3 and M3 and nearby the towns of Winchester and Guildford.
Established in 1946, the family owned company has grown to become the owner of one of the largest property portfolio’s in Chelsea and has continued to expand its portfolio across London and the South East across a variety of sectors. Recent purchases include an industrial scheme near Crawley and offices in Oxford and Sevenoaks.
Richard Bourne, Managing Director, Martin’s Properties commented: “Following the acquisition of our first industrial scheme, our first hotel acquisition marks another investment milestone on our journey to diversifying our property portfolio. Whilst this is a relatively small lot size for us, the current lease benefits from uncapped RPI rent reviews offering excellent income growth and future investment performance. The large site also benefits from future development opportunities and alternative uses including residential or senior living. We are actively looking to secure similar investments and additional forward funding deals in a variety of sectors.”
Coffer Corporate Leisure acted on behalf of the private seller. HSM advised Martin’s Properties.