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Folkestone – Prime Long Income Car Park Investment with Fixed Uplifts

NCP Car Park, Alexander Gardens, Middleburg Square, CT20 1AU

Property Type:
Commercial
Sub Type:
Car Park
Tenure:
Freehold

Income

£311,288 pa

Description

Multi-storey car park located in the very heart of Folkestone Town Centre.

Let to the strong covenant of National Car Parks (NCP) Limited for an unexpired term of c. 16.5 years.

Rent passing of £311,288 pa subject to RPI annual increases (1.5%-5% collar and cap).

Ideally located to serve Folkestone’s two principal retailing pitches with the Bouverie Place Shopping Centre located opposite and Sandgate Road a short 5 minute walk south.

NCP sublet 466 spaces to Saga Group Limited, working hours Monday to Friday only, for circa £333,000 p.a. – which is more than NCP’s current rent p.a.

Offers are sought in excess of £5,310,000 which reflects a NIY of 5.50% subject to contract and exclusive of VAT, allowing for purchaser’s costs
of 6.61%.