Client: Private Investors
Banks Long Lead: Tim Bradford
The Brief: In 2019 Premier Inn announced that they would be constructing a new 63-bedroom hotel and restaurant in St David’s National Park, Pembrokeshire, Wales.
Operating on behalf of the private investors, Banks Long & Co has project-monitored the build, working closely to oversee designers and contractors, while ensuring the series of required work has been undertaken correctly.
The Approach: Banks Long & Co has kept in regular contact with all relevant parties, continually monitoring and supervising the processes and work completed on site.
Construction has been carried out efficiently throughout the build, with the firm also attending progress meetings and studying the relevant documentation to ensure the project is delivered safely, efficiently and on time.
The Results: The new Premier Inn is on track to successfully open on time. It is predicted to introduce 20 full-time jobs to the area, attract 40,000 guests to the National Park, and provide an additional £1.5 million of funding each year to the local economy of the smallest city in the UK.
Managing Director of Banks Long & Co, Tim Bradford, who brokered the deal explained: “Since lockdown we have seen a significant movement of capital towards long term leases with tenants who provide undoubted covenant strength. Premier Inn are one of the best tenant covenants in the market and have committed to enter into a new 30-year lease with guaranteed Index-Linked growth. Therefore, to identify an opportunity in such an ideal location is rare indeed. The new hotel will be built to a much higher specification due to the National Park location.”
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