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Hereford – Long Income Car Park Investment with Annual RPI Uplifts

NCP, Little Berrington Street, Hereford, HR4 0BS

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

Income

£95,238 pa

Description

  • Located in the cultural quarter of Hereford City Centre moments away from the Prime retailing pitch on the High Street.
  • Prominent surface level car park providing 63 car parking spaces.
  • Let to the strong covenant of National Car Parks (NCP) Limited for an unexpired term of c.17 years.
  • Net rent passing of £95,238 pa subject to annual RPI uplifts linked to the Retail Price Index (RPI) subject to a 1.5%-5% collar and cap.
  • Passing rent equates a net rent payable of just £1,512 per space.
  • The site extends to 0.28 acres / 0.11 hectares and has potential for conversation to residential subject to obtaining the necessary consents.
  • Planning precedent nearby with Devereux House on Aubrey Road having been repurposed from a car park to an apartment block of one and two bedroom flats.
  • Whilst some national covenants have not paid their rent during the COVID Lockdown period NCP have paid.
  • Freehold.
  • Offers are sought in excess of £1,710,000 (One Million Seven Hundred and Ten Thousand Pounds) which reflects a NIY of 5.25% subject to contract and exclusive of VAT, allowing for purchaser’s costs of 6.19%