Rockspring Property Investment Managers LLP announced the £14.35 million (approx. €16.7 million) forward funding of 71 / 77A St Peter’s Street, St Albans on behalf of Retail Plus Property Trust, to clients of Knight Frank Investment Management.
Rockspring has pre-let 85% of the proposed scheme to Premier Inn Hotels Limited, for a 123 bedroom hotel, and to Metro Bank Plc. The remaining two retail units will be let during construction. It is anticipated that the development will provide an income stream in excess of £925,000 pa once fully let.
The Premier Inn lease is for a term of 25 years with a tenant’s option to break at the 20th year. Metro Bank Plc has taken a 25 year lease, subject to a tenant’s option to break at the 10th year.
Katie Webb, Fund Manager at Rockspring commented:
“Achieving planning permission and securing pre-lets to strong covenants for the proposed scheme facilitated the successful sale of this development and allowed us to maximise returns for our client.”
Rockspring were represented by Larraby Land and Kitchen La Frenais Morgan.