Sold

NCP Arthur Court, Queensway, London W2

NCP Arthur Court, Queensway, London W2

Offers in excess of £1,900,000

Property Type:
Commercial
Tenure:
Freehold
Net Initial Yield:
4.10%
Site Area:
28,200 sq.ft [2,600 sq.m]

Lease Term

Virtual Freehold – the property is held on a long leasehold interest expiring in 2990 at a peppercorn ground rent.

Tenancy

Single let to National Car Parks Limited on a full repairing and insuring lease for a terms (the new lease will not include a further option to renew) of 34 years and 11 months expiring 28th May 2037 (approximately 19.25 years unexpired), with no break and Outside the 1954 Landlord & Tenant Act. The rent is £82,757.68 annum, which represents a very low current rate per sq ft of just £2.93. The rent is reviewed annually on the 29th June (next review in 2018) in line with RPI increases, subject to a collar and cap of 1.5% and 5.0% respectively.

Income

£82,757.68 per annum

Description

The property comprises of a car park arranged over ground and lower ground floors only, totaling 85 car parking spaces. The car park is situated below Arthur Court, a residential block of flats.  Vehicular and pedestrian access is directly off Queensway.

FOR SALE BY COMMERCIAL AUCTION ON THURSDAY 22ND MARCH 2018 (unless sold prior)