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Clacton-on-Sea – Long Income Car Park Investment with Annual RPI Uplifts
NCP Car Park, Jackson Road, Clacton-on-Sea, Essex, CO15 1JA
- Property Type:
- Commercial
- Sub Type:
- Car Park
- Tenure:
- Freehold
Description
- Town Centre surface car park providing 90 spaces adjacent to the main retail pitch and within walking distance to Clacton Pier.
- Let to the strong covenant of National Car Parks (NCP) Limited for an unexpired term of c.17 years.
- Rent passing of £177,717 pa subject to RPI annual increases (1.5%-5% collar and cap).
- Freehold.
- Site area of approximately 0.69 acres / 0.28 hectares.
- Strong future development potential, subject to vacant possession and the necessary consents
- Whilst some national covenants have not paid their rent during the COVID Lockdown period NCP have paid.
- Offers are sought in excess of £3,180,000 which reflects a NIY of 5.25% subject to contract and exclusive of VAT, allowing for purchaser’s costs of 6.49%.