The Parks Trust has bought the Travelodge Winnersh in Berkshire from Praxis Holdings and will now fund the development of the 93-bedroom hotel.
Now home to the 100 Berkshire Place office building and adjacent to Segro’s IQ Winnersh development, The Parks Trust, through its property division – Milton Keynes Parks Trust Properties Ltd – will now develop the hotel, with work scheduled to start in September.
When completed, the end value of the development will be £6m, representing an investment yield of 6.5%.
Travelodge has agreed a 25-year lease for the hotel.
Travelodge Hotels UK development director Tony O’Brien said: “We are delighted that The Parks Trust has stepped in to purchase and develop its first Travelodge hotel investment in what we think is an excellent location.
“Our hotel will be at the centre of what is a thriving business environment and I have no doubt it will trade excellently all year round.”
The Parks Trust property director Jenny Strathern said: “This site and working with Travelodge represents a good quality investment that will help us to grow the value of our property portfolio to a value of £72m.
“Well secured, long term income is important to us and we believe that the Winnersh Travelodge will enable us to pursue this strategy.”
Torrin Land represented The Parks Trust; Travelodge and Praxis were unrepresented.
nick.whitten@estatesgazette.com
