Premier Inn, Kings Road, Cleethorpes, DN35 0PN

Located in the seaside resort of Cleethorpes the hotel and restaurant is currently let to Premier Inn Hotels on a 25-year lease from 14/11/2014. There is a tenant break on the 13/11/2033. Originally built as a 60 room hotel and 192 cover restaurant Premier Inn have added an additional 24 rooms at their own cost to create 84 rooms on this two acre site.

The current rental rate is based only on the original 60 rooms, thus offering substantial longer term rental returns. Current passing rent is £377,539 per annum (Brewer's Fayre at £95,895 and Premier Inn at £281,644) making each room rate £4,694 per bedroom.

Five yearly CPI linked rent reviews are subject to a cap at 5% per annum. The next rent review is in November 2024. The freehold is owned by the northeast Lincolnshire Borough Council. The wider area of Cleethorpes is set to have £6.7 million of external funding spent on it over the next three years.




Location Highlights



Cleethorpes is a seaside town and popular UK holiday destination of Victorian heritage located on the Humber estuary, three miles to the south of Grimsby and 18 miles to the south of Hull. The four mile stretch of Cleethorpes beach is an attractive location for water sports including canoeing, kayaking, jet-skiing, kite surfing, paddle-boarding, sailing and wind surfing. In 2021 Trainline named Cleethorpes the second-best beach in the UK.

The property directly backs onto Cleethorpes Golf Club, whilst lying opposite Cleethorpes Boating Lake. Cleethorpes' beaches are within 200 metres of the property.

The property is situated on the edge of Meridian Point retail park and between Cleethorpes Golf Club and Cleethorpes Boating Lake. The hotel shares the retail and leisure park with a great mix of retailers such as Burn Fitness, Parkway Cinema, Starbucks Coffee, Taco Bell, McDonalds, KFC and Subway.




Specification



The hotel is arranged over the ground floor and three upper floors and is fitted out to Premier Inn style. Including 84 en-suite rooms, ground floor reception and 114 free guest car parking spaces.

Built in 2014 with an original 60 bedrooms the hotel has now been extended with an additional 24 bedrooms. The long leaseholder has ownership of all 84 bedrooms but the current tenant only pays rent on the original 60.

The Brewers Fayre restaurant building provides 8,496 sq ft of space, arranged over ground and first floors and providing 192 covers. The property is complementary to the operation of the hotel, providing all food and beverage for the hotel guests as well as being available to the general public.


Key Features

- Investment opportunity

- 84 bedroom hotel

- 114 car parking spaces

- Currently let to Premier Inn Hotels

- Brewer's Fayre walking distance

- 200 metres to beaches

- Great long term rental rates

- Close to Meridian Retail Park

- Next to golf club

- Close to County Park


( Agency Pilot Software ref: 111457 )