On behalf of Savills Investment Management, Cooper Rose Real Estate has sold the freehold investment in the Jurys Inn in Derby for a price of £20,000,000, reflecting a net initial yield of 5.85%.
The property comprises a modern 213 bedroom hotel constructed in 2008, located within the Cathedral Quarter of Central Derby, close to the core, pedestrianised retailing area and easily accessible via the inner ring road.
The property is let to Jurys Hotel Management (UK) Ltd, with surety from Vesway Designated Activity Company, for a term of 35 years from 19 June 2009 (expires 18 June 2044).
The current rent is £1,250,000 pa, subject to five yearly, uncapped RPI rent reviews.
Contact Giles Cooper