Sold
Croydon – Sale & Leaseback Long Income Car Park Investment
Q-Park, Surrey Street, Croydon, CR0 1TR
- Property Type:
- Commercial
- Sub Type:
- Car Park
- Tenure:
- Freehold
Income
£518,000 pa
Description
- Prime multi-storey car park located in the very heart of one of London’s largest boroughs.
- Sale and leaseback to the strong covenant of Q-Park Ltd for a minimum term of 35 years.
- Freehold.
- Total proposed rent of £518,000 pa subject to annual RPI linked rent reviews with a 1% collar and 4% cap.
- Large strategic town centre site providing 679 parking spaces arranged over 8 levels with a site area of approximately 0.8 acres (0.32 hectares).
- The A232 is less than a minute’s drive south, providing access to the M25 via Junction 4.
- Based on a purchase at asking terms the property has a very low capital value of only £60 psf.
- Offers sought in excess of £10,790,000 subject to contract and exclusive of VAT. This reflects a net initial yield of 4.50%, after allowing for purchaser’s costs of 6.70%.