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Ashford – Long Income Car Park Investment Let to NCP Limited

NCP, Ashford Park Mall, Edinburgh Road, Ashford, TN24 8RY

Offers in excess of £2,600,000

Property Type:
Commercial
Sub Type:
Car Park
Tenure:
Long Leasehold
Net Initial Yield:
6.75%

Income

£186,791 pa

Description

  • Multi-storey car park providing 304 spaces.
  • The car park is situated in close proximity to the central retailing location within the town centre.
  • The car park is let to National Car Parks Limited for a term of 34 years and 11 months expiring 28th May 2037 (17.5 years remaining).
  • The rent passing is £186,791 per annum which equates to £614 per space.
  • The property is held long leasehold for 99 years expiring 24 December 2084. There is an option to a take a further lease until 2110.
  • The lease benefits from 50:50 annual rental increases. 50% of the rent is increased annually by 3%. The remaining 50% is increased annually in line with RPI with a collar and cap of 1.5% – 5%.
  • Ashford has a significantly above average level of car ownership with a high proportion of two car households.
  • Prime town centre site with development potential subject to planning and usual consents.
  • Offers are sought in excess of £2,600,000 which reflects a NIY of 6.75% subject to contract and exclusive of VAT, allowing for purchaser’s costs of 6.40%.