Published: 16/03/2017 11:43 - Updated: 16/03/2017 11:53

Travelodge site in Inverness up for sale for £4.15 million

Written byPhilip Murray

The Fairways Travelodge in Inverness
The Fairways Travelodge in Inverness

A MAJOR hotel has gone on the market for more than £4 million – and its sale is expected to spark global interest.

Property consultancy Knight Frank has been appointed to sell the Fairways Travelodge next to the city’s southern distributor road for £4.15 million.

The 79-bedroom hotel sits in a 1.2-acre site and is currently let to Travelodge on a long-term lease up to February 2030, with the landlord having the option to extend that contract to February 2038.

And the booming Highland tourist industry is already leading to expectations of significant interest in the sale.

Patrick Ford, a partner at Knight Frank, said: "Inverness is going through a tourism boom – it has seldom been a more attractive location for visitors, with so many hotspots on its doorstep.

"It is relatively rare that a hotel opportunity of this size comes onto the market, with secure long-term income and such an attractive yield. There have only been a dozen or so deals for hotels in the area since 1999.

"The majority of interest in the Scottish commercial property market has come from international investors and this asset could be ideal for a currency play.

"But we expect the property to attract widespread attention, with a number of Scottish and UK property companies looking for investments that match its profile."

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