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Bournemouth – Long Income Car Park Investment let to a 5A1 Covenant

NCP, The Square, Richmond Hill, Bournemouth, BH2 6EJ

Property Type:
Commercial

Income

£313,062 pa

Description

  • Prime multi-storey car park located in the very heart of the popular and affluent coastal town of Bournemouth.
  • Let to the strong covenant of National Car Parks (NCP) Limited (5A1) for an unexpired term of 17.6 years.
  • Situated adjacent to Bournemouth’s principle retail and leisure offerings, a short ten minute walk to Bournemouth’s beach and pier.
  • Rent passing of £313,062 pa subject to RPI annual increases (1.5%-5% collar and cap).
  • Large strategic town centre investment providing 236 parking spaces arranged over 8 levels with a site area of approximately 0.48 acres (0.19 Hectares).
  • Virtual Freehold.
  • Direct Town Centre access from Bournemouth’s main arterial road the A338.
  • Based on a purchase at asking terms the property has a very low capital value of £72.66 psf.
  • Offers sought in excess of £4,900,000 subject to contract and exclusive of VAT.  This reflects a net initial yield of 6.00%, after allowing for purchaser’s costs of 6.79%.