Hereford – Long Income Car Park Investment with Annual RPI Uplifts
NCP, Little Berrington Street, Hereford, HR4 0BS
- Property Type:
- Sub Type:
- Car Park
- 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.
- 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%