Development Funding

Some development funding transactions handled by Legat Corbishley.

Hotel & Trade Unit, Batchworth Lock, Rickmansworth WD3 1JB

A new freehold development comprising a 92 bed hotel and a new trade unit, the latter extending to some 11,250 sq ft, on a site of 2.13 acres.

The development is let to Premier Inn Hotels Limited and Travis Perkins Trading Company limited on two FR & I leases for 30 and 25 years respectively; the leases are subject to 5 yearly reviews, the hotel geared to CPI increases and the Trade Unit to open market rental value.

The development, due for completion in early 2020, was forward funded by a private property company client, the lot size being circa £14.1m.

Hotel & Trade Unit, Batchworth Lock, Rickmansworth WD3 1JB

Waterloo Travelodge

A direct development on behalf of a private property company client of a 284 bedroom hotel, pre-let to Travelodge for a term of 35 years.

Total development commitment £36m.

Waterloo Travelodge

Heathrow Travelodge

New hotel development comprising 307 en-suite bedrooms, café, bar and restaurant facilities and 140 car parking spaces.

The scheme was pre-let to Travelodge on a new 35 year with 5 yearly RPI increases.

Acquired on behalf of a private investment company – the forward commitment was circa £38.5m.

Heathrow Travelodge

Plot 4500, Magna Park

Pre-let development of 20,903 sq. m (225,000 sq.ft) warehouse on England’s premier distribution park.

Total commitment circa £17m.

Plot 4500, Magna Park

Virgin Active

Health and fitness club development pre-let on a 35 year lease to Virgin Active.

Forward purchase for a private property company for circa £8m

Virgin Active
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