Seneca Property has acquired the freehold of the 140-bedroom Premier Inn Hotel in Preston.
The seven-storey property was newly developed in 2011 at a reported cost in excess of £23m and has been home to Premier Inn ever since, with them having taken a 25-year lease over the property, for a rent of £725,000 per annum.
The purchase price hasn’t been revealed however it is known that CBRE were marketing the property for sale in Q4 2022 and seeking offers in excess of £8.7m.
The hotel is in close proximity to the UCLan campus and the city’s railway station. The building also houses German Doner Kebab and Kaspa’s Desserts, with the potential for further income to be generated from additional suites on the Ground and First Floors.
Seneca Property was advised on the purchase by Adam Wildig at Christopher Dee (Investment Advice) and Darren Hamer at Hill Dickinson (Legals).
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