The Bristol office of national commercial property consultancy Sanderson Weatherall has sold a ground rent investment on the site of a Gloucester hotel for above its asking price.
Acting on behalf of Thornbury-based, privately owned property development and investment company Litfield Land, the investment in the Ibis Hotel in Sawmills End was sold to an unnamed private investor for £1.3m. 
The site is let to Ibis Gloucester Ltd on a 125-year lease from October 2009 at an annual rent of £39,750. The rent rises annually in line with RPI, capped at 4%.
Sanderson Weatherall investment agency partner David Ferris said: “We are pleased to have completed the sale of this ground rent investment in excess of the asking price of £1.2m.
“The price we achieved reflected a strong net initial yield of 2.86% but with inflation set to rise post-Brexit the property offered the buyer strong potential for rental performance.”
Sanderson Weatherall also has offices in Birmingham, Exeter, Leeds, London, Manchester, Newcastle, Teesside and York.
