Sold

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%.