Kitchen La Frenais Morgan acted for Olim Property Limited for the purchase of the above freehold property. The property is let to the Whitbread Group Plc, originally for 15 years from 27 March 2009, which was varied following the construction of the 30 additional bedrooms, to a term of 15 years from 18th November 2011 at a current rent of £280,051 per annum.
The property was acquired for £4,100,000 reflecting a net initial yield of 6.5%. The purchase reflects KLM’s ability to create opportunities within the leisure sector as well as retail.
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