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NCP Portland Place, 6-7 Weymouth Mews, Marylebone, London W1

NCP Portland Place, 6-7 Weymouth Mews, Marylebone, London W1

Offers in the region of £740,000

Property Type:
Commercial
Tenure:
Long Leasehold
Net Initial Yield:
6.0%
Site Area:
5,482 sq.ft [509 sq.m]

Description

  • Prime Central London Car Park comprising a total of 30 basement spaces.
  • Site extending to approximately 5,500 sq ft (510 sq m) GIA.
  • Medium-term long leasehold interest with approximately 35.75 years unexpired.
  • Let to NCP Limited for a term expiring May 2037.
  • 2017/2018 rent totalled £46,692.88 (next review June 2018).
  • Annual fixed RPI linked increases collared and capped between 1.5%-5.0%.
  • A purchase at 6.0% NIY rises to a yield of 10.2% in year 19 assuming 3% per annum RPI.
  • NCP Limited (5A1 D&B rating) is jointly owned by Park24 and the Development Bank of Japan (DBJ) and is debt free.