Sold

Stoke on Trent – Freehold Car Park Let to NCP

NCP Glass Street, Hanley, Stoke on Trent, Staffordshire, ST1 2ET

Offers in excess of £3,090,000

Property Type:
Commercial
Sub Type:
Car Park
Tenure:
Freehold
Net Initial Yield:
6.25%

Income

£205,533 per annum

Description

City Centre surface car park providing 86 spaces

Situated adjacent to the main retail pitch

Let to National Car Parks Limited, a 5A1 covenant, for a term of 34 years and 11 months expiring 28th May 2037 (17.9 years remaining)

Freehold

The current rent passing is £205,553 per annum which equates to £2,390 per space

The lease benefits from 3% annual increases

Site area of approximately 0.61acres (0.25ha)

Prime city centre site with development potential subject to planning and usual consents
Offers are sought in excess of £3,090,000 which reflects a NIY of 6.25% subject to contract and exclusive of VAT, allowing for purchaser’s costs of 6.46%.