Hotel Site Lease Review & Strategic Property Advice

Real Estate Advisory & Asset Management -
Abingdon, UK.

Our role was to  assess the options for the council to establish best value from a lease agreement on the site of a prime location on which the Upper Reaches Hotel (now closed) is located.

 

The Upper Reaches Hotel is situated in close proximity to Abingdon town centre on the bank of the River Thames.   

The Vale Council owns the freehold for the site. The long leaseholder operating the hotel closed the business down and sought permission to assign the lease and/or seek alternative forms of development for the site.

 

Our brief was to provide advice to the freeholder, Vale Council in relation to the application to assign the existing lease, including any opportunity to enter a development agreement with the existing tenant/assignee and review their alternative development options.

 

Following site analysis and inspections and meetings with the council our Real Estate Partner working with input from the Hospitality Partner provided:
  • an  in depth review of the lease
  • assessment of the site, local hotel market
  • review of lease terms
  • discussions with hotel operators and listing of options for the Council
  • recommendations as to the best negotiating approach
  • options for working with developmen partners
  • research into hotel related options for the site
Following this work negotiations between owner and leaseholders including the Council reviewing its strategic options.Eventual assignment of lease and ongoing negotiations

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