Albert Gubay charity picks up £11.5m Chester Travelodge, Tesco
The foundation has acquired Windsor House at the corner of Lower Bridge Street and Pepper Street in the city centre – marking the first time it has had a hotel in its portfolio.
Derwent Group acted on behalf of Albert Gubay Charitable Foundation on the £11.5m, off-market deal.
“Diversifying the charity’s portfolio has long been a strategic goal and this opportunity perfectly aligns with that vision,” said Derwent Estates property director Jonathan Black. “The property is situated in a prime location for the use and also features two strong covenants secured by long-term leases.”
Those leases at the four-storey Windsor House belong to a 112-bed Travelodge and a 4,000 sq ft Tesco.
Derwent did not share the name of the vendor for Windsor House. HM Land Registry records state that the freehold of the property last belonged to the Associated British Foods Pension Trustees, which acquired the building in 2017 for £3.5m.
Christopher Dee represented Derwent Estates on the transaction, with Clay Street acting for the vendor.
While the hotel aspect of Windsor House may be new for the Albert Gubay Charitable Foundation, the retail portion is decidedly not. The foundation owns the 180,000 sq ft Walkden Centre – a shopping complex that, as of this summer, had planning permission for a £15m revamp.
Elsewhere in the North West, the foundation had its plans approved to build 10 industrial and trade counter units at Lancaster Business Park. At the same time, it is looking to sell the 325-acre former St Joseph’s Seminary in Up Holland.
