Naylors’ investment agency team has secured the acquisition of a Travelodge Hotel adjacent to the Metro Centre in Gateshead on behalf of locally-based, retained clients, Leven Estates Ltd.
The Newcastle-based firm of commercial property consultants, which has worked with Leven Estates on multiple transactions in recent years, will also be retained to manage the property.
Fergus Laird, head of investment at Naylors said: “Our client had a specific requirement for a long-term budget hotel investment. After making the market aware of this requirement, fellow Newcastle agents MHPI identified an opportunity to purchase the Travelodge at the Metrocentre, Gateshead, which was in the ownership of their client, an investor based in the North West. Our client was particularly attracted to the location due to the quality of its address being within close proximity to the Metro Centre, Newcastle City Centre and the A1 Western Bypass, as well as providing long-term secure income.”
Naylors negotiated a purchase price of £3.7m with investment agents MHPI who acted on behalf of the vendor.
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