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Dransfield Properties completes sale of their Gainsborough hotel site

Dransfield Properties completes sale of their Gainsborough hotel site

Dransfield Properties completes sale of their Gainsborough hotel site

2 August 2022

Dransfield Properties Ltd has completed the sale of the Travelodge Hotel in Gainsborough for £3.8 million to a private investor reflecting a net initial yield of 7.24%

The company worked in partnership with West Lindsey District Council to deliver the striking Edwardian style hotel building in 2018, securing a grant of £1.4m.

With 21 years remaining on the lease, the building is also home to a large ground floor restaurant which includes an attractive outdoor seating area featuring an impressive ‘water wall’ inspired by Paley Park in New York. 

Due to its classification, the 56-bedroom hotel paid no rent during the COVID-19 pandemic. Following two restructures at Travelodge, Dransfield Properties were keen to sell and re-invest in more secure assets. 

Dransfield Properties have invested in Gainsborough for over 15 years, establishing a successful mixed-use centre at Marshall’s Yard complete with retail stores, leisure outlets, M&S food store and high specification office space creating over 600 jobs and serving the needs of the local community.

Dransfield Properties has worked closely with local stakeholders and West Lindsey District Council throughout their redevelopment projects in Gainsborough also delivering a high-quality car park to the rear of the hotel to serve the hotel guests and restaurant goers.

The award-winning South Yorkshire property company were one of the first developers to regenerate the area over 15 years ago and its commitment to the Lincolnshire town remains strong with Marshall’s Yard 97% let and continued work in the community delivering high quality town centre events and a monthly Farmers’ Market.

Simon Bland, Head of Investment at Mason Owen Property Consultants acted for Dransfield Properties with Altrincham-based Law Firm Myerson Solicitors LLP advising on legals. 

Managing Director of Dransfield Properties, Mark Dransfield, said: “We are extremely proud of our work in regenerating this part of the town centre opposite our shopping centre, Marshall’s Yard.

“We feel that we have achieved everything that we aimed to when we opened the hotel development by creating a number of jobs and providing a boost to the towns tourism offer due to the hotels high occupancy rates.

“The sale of this development will allow us to invest in other town centre regeneration projects, notably the redevelopment of the Five Valleys centre in the Cotswolds.”

To find out more about Dransfield Properties visit www.dransfield.co.uk

 

For further information, contact:-

Public Relations Department, Dransfield Properties Ltd
Tel: 01226 360644
Email: pr@dransfield.co.uk