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%.