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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%.