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Legal & General buy Manchester Travelodge for £23.1m

24 October 2014 by
Legal & General buy Manchester Travelodge for £23.1m

Legal & General Property (LGP) has bought 19/31 Piccadilly Gardens, the address for a Manchester Travelodge hotel, for £23.1m.

LGP acquired the 87,376 sq ft property, which was redeveloped earlier this year, from Jolan Piccadilly Limited.

The address comprises two restaurant units, let to Zizzi and Nando's, a 157-bedroom Travelodge hotel on the five upper floors, as well as a Morrison's food-store arranged over ground and basement floors.

Both Nando's and Zizzi have signed leases until 12 January 2034, while Travelodge's lease is set to expire 12 January 2039.

The asset was purchased on behalf of the Legal & General UK Property Fund.

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