Taunton Travelodge sold for £3.9m
A Travelodge hotel at Riverside Retail Park in Taunton, Somerset, has changed hands for £3.9m.
The RO Group has sold the property to the Oddfellow’s Unity United Property Investment Fund after retaining ownership for close to a decade, with the purchase reflecting a net initial yield of 6.375%.
The 64-bedroom West Country hotel has a larger than typical room size and was recently given an upgraded Energy Performance Regulation rating of EPC B.
Other commercial tenants in the immediate vicinity of the hotel include B&Q, Hollywood Bowl, McDonald’s, KFC, Halfords, Sainsbury’s and the Hankridge Arms pub.
Edward Rowlandson, group managing director of the RO Group said: “We have had tremendous success with our Travelodge asset in the town, which lies only around 40 miles from both Bristol and Exeter airports, and are delighted to pass the baton to the new owners. We believe that they will enjoy continued favourable returns from the property, which will continue to benefit in the long term from the nearby development of Hinkley Point, one of the UK’s major infrastructure investment commitments.
“We will use the proceeds of sale in the normal course of our business: to identify, purchase, develop and maintain property assets across the southern half of the country for both our continued success and to the benefit of local economies. Reinvestment into and the upgrading of assets by the private sector is an important tenet of the national economy, particularly with sustainability being such an important focus, and one that we will continue to pursue.”
RO were advised by BNP Real Estate and WBD, whilst Christopher Dee LLP represented the purchaser.