• Address
    Portmill Lane, Hitchin, Hertfordshire, SG5 1AA
  • Price
    £4,850,000
  • Yield
    4.85%
  • Sector
    Hotel
  • Size
    n/a
  • Lease Term
    Newly completed Premier Inn let on a new 25-year lease with a TBO at year 20. CPI uplifts at review.
  • Client
    UK Institution
  • Type
    Acquisition

Premier Inn – Hitchin

Parkdales acquired this asset on an off market basis on behalf of a UK Institution.

The property is situated on Portmill Lane opposite the historic and medieval St Mary’s Church and grounds and forms part of a new hotel and residential waterside development.

The property comprises a new build and freehold Premier Inn due for practical completion within the next 3 weeks (Mid July 2015) to a full Premier Inn turnkey specification The property comprises 60 double bedrooms, all with en-suite bathrooms arranged in a combination of triples and doubles over ground and 3 upper floors. A full service restaurant, reception, public WC’s and two 16-person passenger lifts are located at ground floor level.

Contacts

Steve Orzel

+44 (0)20 7112 8571

Anthony Friedman

+44 (0)20 7112 8572