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Summary
- Purpose-built 69-bedroom hotel
- Let to Travelodge Hotels Limited
- In excess of 13 years unexpired lease term, without breaks, plus landlord’s option to extend by 4 years
- Tenant option to renew at lease expiry
- Travelodge has reported record financial results for 2022 with EBITDA increasing to £164.4m (2019: £102.2m)
- Uncapped RPIX rent reviews
- Well located, opposite Bradford Forster Square train station
- £2,750,000, subject to contract
- 8.41% Net Initial Yield
- 10.1% Guaranteed Minimum Net Reversionary Yield based on current RPI
Location
Bradford is a major city in West Yorkshire, located approximately 16 km (10 miles) west of Leeds, 24 km (15 miles) north-west of Wakefield and 61 km (38 miles) north-east of Manchester.
The city benefits from good road communications being served by the M606 which links with the M1, A1 and M6 via the M62 Motorway. The A629 also connects with Skipton to the north-west.
The city is connected to the national railway network and is served by two central train stations; Bradford Interchange and Bradford Forster Square which connect with intercity services to London (2 hours 50 minutes), Manchester (55 minutes) and further afield.
In addition, Leeds Bradford Airport is approximately 13 km (8 miles) north-east of the city and serves various destinations across the UK and Europe.
Bradford has been named as the winner of the hotly contested UK City of Culture 2025 competition. It is also a UNESCO City of Film and UNSECO World Heritage Site.
Situation
The subject property is situated on the edge of Bradford City Centre and occupies a prominent position fronting Valley Road, less than 200 metres from Bradford Forster Square train station.
The British Land owned Forster Square Shopping Park is less than 500 yards from the hotel. Retailers on the park include TK Maxx, McDonald’s, Boots, JD Sports, Next, Pets at Home, SportsDirect and Greggs.
The Broadway Shopping Centre is immediately to the south. The dominant retail and leisure scheme in the city with an annual footfall of 12 million, it comprises approximately 52,955 sq m (570,000 sq ft) of retail and leisure units along with 1,300 car parking spaces. The centre is anchored by M&S, Next, H&M, River Island, JD Sports and Boots, as well as a six-screen, 400-seat cinema.
Valley Parade, home to Bradford City Football Club, is approximately 1.6 km (1 mile) to the north-west.
The Kirkgate Shopping Centre is five minutes’ walk from the hotel and is set to be replaced by “City Village”, a scheme including 1,000 homes and the creation of green space. This forms part of Bradford Council’s regeneration plans to transform the city centre.
Description
The subject property comprises a 69-bedroom Travelodge hotel arranged over part ground, first, second, third and fourth floors. The hotel is designed to the Travelodge brand specification.
The hotel benefits from 28 on site car parking spaces.
There is a retail unit on the ground floor which has been ‘sold off’ on a long lease.
