Aviva Investors Property Pension Fund has bought the long-leasehold interest to a Norwich block comprising a Travelodge hotel and Bathstore shop.
The Dencora Group sold the building at 14 Queens Road for £6.5m, reflecting a net initial yield of 6.79%.
Comprising a 102-bedroom hotel and a 5,000 sq ft shop, the property is currently let to Travelodge Hotels and Bathstore.com for a further 30 years and 11.5 years respectively and generates an overall annual rental income of £467,417.
Savills and Philips Lockhart advised Aviva; Bidwells acted for the Dencora Group.
