Identifying the quality of this asset, its superior location and top tenant led to an early sale opportunity for this asset and strong returns for investors well ahead of schedule. Sitting in a prime location in Torquay, this newly-refurbished, 90-bedroom hotel was purchased in September 2015 for £6.2m. From acquisition, the tenant covenant improved significantly, building upon the already strong underlying fundamentals. The building was sold to an institutional investor for £8.5m in April 2018.
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“The fact that this property was sold to a major institutional investor demonstrates the market's desire for long-dated income, something that we are seeing more and more of.“
Ashley Wilcox, Director, Riverside Capital