Premier Inn Norwich City Centre, Duke Street, Norwich
Description
• Norwich, the county town of Norfolk, is an attractive, historic and dominant regional hub in the East of England, attracting both tourists and
business travellers.
• The property benefits from a prominent position in the heart of the city close to the historic centre which includes both Norwich Cathedral and Norwich Castle.
• Purpose-built 117 bed hotel with Premier Plus rooms.
• Let on a FRI lease to Premier Inn Hotels Ltd until 27 October 2039 providing a very attractive WAULT of 14.2 years to expiry.
• Current passing rent is £559,238.67 per annum reflecting a low £4,780 per key.
• 5 yearly CPI linked rent reviews with a collar of 0% and a cap of 4%, compounded annually.
• Next rent review is 31 January 2030 where the rent could increase to up to £680,400 per annum.
• Very strong trading performance.
• Premier Inn is the largest UK hotel brand and achieved over £1.3 billion in revenue in 2024/2025. It has a D&B rating of 5A1.
• Freehold.
We are instructed to seek offers in excess of £8,750,000 (Eight Million Seven Hundred and Fifty Thousand Pounds) reflecting a Net Initial Yield of 6.00% a reversionary yield in 2030 of up to 7.30% and a capital value (per key) of £74,786.
business travellers.
• The property benefits from a prominent position in the heart of the city close to the historic centre which includes both Norwich Cathedral and Norwich Castle.
• Purpose-built 117 bed hotel with Premier Plus rooms.
• Let on a FRI lease to Premier Inn Hotels Ltd until 27 October 2039 providing a very attractive WAULT of 14.2 years to expiry.
• Current passing rent is £559,238.67 per annum reflecting a low £4,780 per key.
• 5 yearly CPI linked rent reviews with a collar of 0% and a cap of 4%, compounded annually.
• Next rent review is 31 January 2030 where the rent could increase to up to £680,400 per annum.
• Very strong trading performance.
• Premier Inn is the largest UK hotel brand and achieved over £1.3 billion in revenue in 2024/2025. It has a D&B rating of 5A1.
• Freehold.
We are instructed to seek offers in excess of £8,750,000 (Eight Million Seven Hundred and Fifty Thousand Pounds) reflecting a Net Initial Yield of 6.00% a reversionary yield in 2030 of up to 7.30% and a capital value (per key) of £74,786.
BUILDING HIGHLIGHTS
Prominent position in the heart of the city.
Purpose-built 117 bed hotel.
Let on a FRI lease to Premier Inn Hotels Ltd.
Current passing rent is £559,238.67 per annum.
