Sold
Sheffield – Sale & Leaseback Long Income Car Park Investment
Q-Park, Castlegate, 3 Broad Street West, S1 2BQ
- Property Type:
- Commercial
- Sub Type:
- Car Park
- Tenure:
- Long Leasehold
Income
£242,000 pa
Description
- Prime multi-storey car park occupying a central location in Sheffield City Centre.
- Sale and leaseback that will be let to the strong covenant of Q-Park Ltd for a minimum term of 35 years.
- Long leasehold.
- Total proposed rent of £242,000 pa subject to annual RPI linked rent reviews with a 1% collar and 4% cap.
- Recommended car park for the adjacent Travelodge and the Ibis situated opposite, with a number of leisure destinations within the locality.
- The A61 is in close proximity, providing access to the M1 and a wider network of A Roads.
- Providing 403 parking spaces arranged over 9 levels measuring approximately 127,154 sq ft.
- The immediate Castlegate area is currently undergoing a £5.8 million council led regeneration.
- Based on a purchase at asking terms the property has a very low capital value of only £36 PSF.
- Offers sought in excess of £4,540,000 subject to contract and exclusive of VAT. This reflects a net initial yield of 5%,
after allowing for purchaser’s costs of 6.58%.