Forma acquires Manchester Travelodge
Morrisons, Nandos and Zizzi are the other tenants within 19-31 Piccadilly in the heart of the city centre, sold by L&G for around £24m.
Forma Real Estate has bolstered its North West real estate portfolio, which also includes No5 St Paul’s Square in Liverpool, with the purchase of Manchester’s most centrally located Travelodge.
L&G put the asset up for sale for £23m earlier this year and appointed Metis Real Estate to find a buyer.
The 87,400 sq ft block spans seven floors, including a basement, and sits on the corner of Oldham Street and Piccadilly, just opposite Piccadilly Gardens.
Most of the £1.6m rental income – 64% – is secured against the 157-room Travelodge. Currently, the hotel has a rent of £6,603 per room.
Knight Frank advised Forma on the acquisition.
Forma and L&G were contacted for comment.