The large real estate block, purchased by Golfrate Group, comprises a boutique-style hotel with 119 bedrooms, a restaurant and bar, conference and health club facilities. The retail element consists of two shops on basement and ground floors let for a further five years, producing a total income of £213,000 ($333,000) a year from tenants Europa Foods and Ladbrokes. The hotel is let at a stepped rent on a lease expiring in September 2121, with a tenant's option to determine in March 2059.
The total investment therefore produces a current rental income of £613,000 ($957,000) per annum, rising to £885,500 ($1.4 million) per annum in September 2005.
CB Hillier Parker and Fleurets advised the vendor and Gavin Duncan Associates the purchaser.
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