Piccadilly, L&G, p courtesy of Blaze

The tenants at 19-31 Piccadilly in Manchester generate a net rental passing income of £1.6m a year. Credit: courtesy of Blaze

Forma acquires Manchester Travelodge

15 November 2024 09:20 Dan Whelan Comments (0)

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.

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