Legal & General Property (LGP) has secured a pre-let with Travelodge for its development site at Coliseum Leisure Park, near Liverpool, enabling it to kickstart its plans to build a 77-bed hotel based above two restaurant units.
Legal & General Property (LGP) has secured a pre-let with Travelodge for its development site at Coliseum Leisure Park, near Liverpool, enabling it to kickstart its plans to build a 77-bed hotel based above two restaurant units.
The development, which is scheduled to start onsite in September 2011 and complete at the beginning of the summer 2012, will comprise a four-storey hotel. The hotel has been pre-let to Travelodge on a 25-year lease.
The scheme, owned by LGP's Leisure Fund, is targeting a BREEAM 'Excellent' Rating.
Existing operators at the scheme include a 16-screen Vue Cinema, and a recently opened Miller & Carter Steakhouse, which is owned by restaurant and pub operator, Mitchells and Butlers. LGP said it is also in talks with a number of other restaurant operators.
The deal signifies further growth of LGP's Leisure Fund, which has £230 mln of assets under management, the company said.
Jones Lang LaSalle is the acting agent for the park. Travelodge was advised on this deal by Whitestone Retail and Leisure.
