H20 URBAN AGREES FORWARD FUNDING DEAL FOR NEW PREMIER INN HOTEL AND TRAVIS PERKINS UNIT
H20 Urban, the development joint-venture between bloc Ltd and Canal & River Trust, has completed a development funding agreement with a UK private property company to bring forward the development of a Premier Inn hotel and a branch of builder’s merchant Travis Perkins in Batchworth Lock, Rickmansworth, Hertfordshire.
The transaction was concluded at a price of £14.1m, reflecting a net yield of 4.25% to the funder.
The development, expected to commence this month and complete by the end of 2019, will comprise a 92-bedroom Premier Inn and a new format Travis Perkins unit of 11,250 sq ft, both prelet on 25-year terms, providing the funder with long-term income streams from two household names.
The scheme is positioned on the southern edge of Rickmansworth town centre within one mile of Junctions 17 and 18 of the M25.
BNP Paribas Real Estate and Tudor Toone acted for H20 Urban in the transaction, while Legat Corbishley represented the funder.
Nicola Tindale, H20 Urban, said: “We are delighted to bring forward this site for redevelopment for Premier Inn and Travis Perkins. The completed scheme will significantly enhance both the immediate area and Rickmansworth town centre, and provide our funder with a first class long term investment located in a prime position within the M25.”
Canal & River Trust is a waterways and wellbeing charity that looks after 2,000 miles of canals and rivers across England and Wales. bloc is a highly experienced developer with expertise in working in partnerships with land owners. Together, as H20 Urban, they combine private sector entrepreneurship with a social enterprise culture to develop exemplar waterside schemes.