CBRE Global Investors has bought a new 81-bed Premier Inn hotel in the centre of Basingstoke, Hampshire, in an off-market deal.
The hotel was sold by Fishron Developments, a joint venture between Lamron Estates and TA Fisher, for £7.6m, reflecting a net initial yield of 4.75%.
The building was completed in June 2015 and has been let to Premier Inn on a 25-year lease on a rent of £385,000 per annum, with five-year rental uplifts linked to CPI and capped at 4%.
Paul Griffiths of BNP Paribas Real Estate, said: “The completion of the development was well timed for sale into a market where strong demand exists from pension funds looking for long-term, indexed income.”
BNP PRE acted for Fishron Developments; Chris Freer-Smith Ltd acted for CBRE Global Investors.
