Forward Funding of Mansfield Travelodge Hotel
Acting for GNW Estates, Richard Fisk has acted jointly with Knight Frank on the forward funding of a 63 bed Travelodge hotel development on the old Gala Bingo site in Mansfield. Funded via a private syndicate of high net worth investors at a price of close to £6 million reflecting 5.75% on the Travelodge income, the hotel is pre-let for a term of 25 years with RPI indexation on the five yearly rent reviews. The scheme incorporates an 81 space car park and a retail unit fronting Albert Street. This will be GNW's first large scale development.