Hotel sold by Realis Estates and Wykeland

A NEW Travelodge in Hull city centre has been sold to a private organisation for £4.5m.

The sale by joint developers Realis Estates and Wykeland Group reflects a net initial yield of 6.5%.

Located at the junction of Freetown Way and Pryme Street, the 80-bed hotel opened last month, together with a 29-space car park let to Town & City Parking.

Dominic Gibbons, managing director of Hull-based Wykeland, said: “We are delighted with the early sale of this property, which was agreed prior to the completion of the build.

“Working with Realis we have successfully created an attractive and prominent
development, which has improved the overall fabric of the area.”

Realis Estates’ managing director Duncan Mathieson added: “I knew we had a great opportunity right from my initial introduction to the site from Wykeland and through our successful partnership we have worked together to bring a great project to fruition.”

Hague Nicholls advised Realis Estates and Wykeland Group on the sale.

Neil Frais Kelly and Paul Hanison represented the purchaser.