Sold
Chester – Prominent Surface Level Car Park Located in the Heart of Chester
CH1 3LY
£3,620,000
- Property Type:
- Commercial
- Sub Type:
- Car Park
- Tenure:
- Freehold
- Net Initial Yield:
- 5%
Income
£192,795 pa
Description
- Located in the heart of Chester City Centre moments away from the prime retailing pitch on Eastgate Street and The Grosvenor Shopping Centre.
- Prominent surface level car park providing 65 car parking spaces.
- Let to the strong covenant of National Car Parks (NCP) Limited for an unexpired term of 16.5 years.
- Rent passing of £192,795 pa subject to annual rent reviews, 50% of which is fixed 3% uplifts and 50% linked to RPI (Cap 5% and Collar 1.5%).
- The site extends to 0.51 acres / 0.21 hectares.
- Whilst some national covenants have not paid their rent during the COVID Lockdown period NCP have paid.
- Strong future development potential, subject to vacant possession and the necessary consents.
- Freehold.
- Offers are sought in excess of £3,620,000 which reflects a NIY of 5.00% subject to contract and exclusive of VAT, allowing for purchaser’s costs of 6.52%.