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Hotel sold at Lumina Park
by James Renoux-Wood Wed 25 June 2014, 12:06 pm
Property group Redefine International has purchased a Travelodge hotel in Enfield's Lumina Park for £10 million.
The 3625sq m hotel comprises 132 bedrooms and is being let on a 33-year lease.
The building also includes a separate retail unit at ground floor level, which is vacant. Once let, the property’s net initial yield is expected to rise to approximately 6.4% per cent.
London’s Lumina Park is a 100,000 sq ft mixed-use retail and industrial scheme located within a short distance of the North Circular and the M25 in Enfield.
Mike Watters, Redefine International CEO, said: “The acquisition provides a good opportunity to acquire long dated uncapped RPI income from a good quality covenant, in a sector we like and know extremely well.
“We are now beginning talks with a number of convenience supermarket operators to let the vacant retail unit, which will further improve the asset’s yield profile.”