Acting for Equitable Life Assurance Society, Clerical Medical Investment Management sold the freehold interest in the Heathrow Park Hotel, Bath Road, Longford, Middlesex to a private property company. The price achieved of £13.3 million ($19.5 million) reflected a net initial yield of 5.68%, against a £11.455 million ($16.75 million) asking price.
Occupying a prime location on the Bath Road, the property comprises a 310-bedroom hotel, together with banqueting and conference facilities, and totals approximately 164,688 sf. The total site area extends to approximately 8.8 acres.
The entire property is let to a subsidiary of Thistle Hotels for a further 167 years, at a reversionary passing rent of £787,500 ($1.15 million) per annum. The next rent review is due in December 2010.
Legat Corbishley and Lambert Smith Hampton acted for the purchaser and Jones Lang LaSalle represented Equitable Life.
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