Sold
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%.