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Real estate investment group Aprirose has acquired the freehold of a property, which is let to Travelodge with 18 years still on the lease, for an undisclosed price.
Located in Whetstone, an affluent London suburb situated in the London Borough of Barnet, the site is only 800 metres from Totteridge and Whetstone London Underground Station, providing easy access to Central London and the City.
Situated on a 0.56-acre site, it comprises a total of 39,320 sq ft GIA, with a 96-room hotel over three floors and a 9,353 sq ft retail unit over part ground and part mezzanine floors.
The hotel was funded and built by Aviva Investors Pensions Limited in 2010 and fitted to Travelodge’s specification.
Meenal Devani, managing director and CIO, Aprirose, said: “We are excited about acquiring an inflation linked, strong performing asset in an affluent area within Greater London at an attractive capital value. This acquisition demonstrates our ability to take views and be nimble in a volatile macro environment.”
Aprirose currently manages 65 properties within its portfolio, including Delta Hotels by Marriott, DoubleTree by Hilton and the Qhotels portfolio, which comprises 20 market-leading country house, hotel and spa assets.
