NCP PORTLAND PLACE 6-7 WEYMOUTH MEWS - … · NCP is the UK’s most recognised and longest...
Transcript of NCP PORTLAND PLACE 6-7 WEYMOUTH MEWS - … · NCP is the UK’s most recognised and longest...
NCP PORTLAND PLACE
6-7 WEYMOUTH MEWSMARYLEBONE, LONDON W1
PRIME CENTRAL LONDON CAR PARK INVESTMENT OPPORTUNITY
INVESTMENT SUMMARY• Prime central London Car Park
comprising a total of 30 spaces• Site extending to approximately
5,482 sq ft (509.3 sq m) GIA• Long leasehold with
approximately 35.75 years remaining unexpired
• Let to NCP Limited for a term expiring May 2037
• 2017/2018 rent totalled £46,692.88• 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 responsible for paying the head rent on behalf of the long leaseholder
PROPOSALWe are instructed to invite offers in the region of £740,000 subject to contract and exclusive of VAT. A sale price at this level reflects a capital value of £135 per sq ft GIA and a net initial yield of 6.0% (based on purchaser’s costs of 5.4%).
LOCATION & SITUATIONThe property is situated in Marylebone, within the London Borough of Westminster. Marylebone is amongst the most affluent areas of London’s West End, bounded by Regent’s Park to the north, Fitzrovia to the east, Mayfair to the south and Paddington to the west. An increasingly vibrant West End ‘village’, Marylebone is home to exclusive boutiques, renowned restaurants and fashionable hotels. Notable occupiers in the area include J Crew, Paul Smith, Chiltern Firehouse and The Ivy Café. The area is a globally recognised medical district with Harley Street located in the heart of Marylebone.
The extensive array of high quality amenities compliments the location’s affluent residential demographic and diverse office tenant profile. Notable office occupiers in the area include the BBC, Atrium and Publicis.
Weymouth Street Car Park is situated on the west side of Weymouth Mews, which intersects Weymouth Street to the north and New Cavendish Street to the south.
CONNECTIVITYWeymouth Mews has excellent communications with the London Underground network being easily accessible from Oxford Circus (Bakerloo, Central and Victoria lines), Bond Street (Central, Jubilee and Piccadilly lines), Regent’s Park (Bakerloo line), Great Portland Street (Circle, Hammersmith & City and Metropolitan lines) and Warren Street (Northern and Victoria lines) stations, which are all within a 10 minute walk of the car park.
Crossrail (the Elizabeth line) is set for completion in 2018. Europe’s largest infrastructure project will provide a new high frequency, high capacity rail link east to west servicing London and the South East with approximately 200 million passengers a year using the service. Crossrail will be accessible at Bind Street station, within 0.5 miles of Weymouth Mews.
Weymouth Mews itself is strategically located to provide quick and easy access to London’s West End via Portland Place/Regent Street (A4201) and the City of London via Euston Road (A501), which in turn feed into the wider national motorway.
S O H O
PA D D I N G T O N M A R Y L E B O N E
B L O O M S B U R Y
Edgware Road
Edgware Road
Baker Street
Marylebone
Goodge Street
Regent’s Park
Great PortlandStreet
WarrenStreet
EustonSquare
RussellSquare
Paddington
Marble Arch
Bond Street
TottenhamCourt RoadOxford Circus
CoventGarden
Warwick Avenue
Leicester Square
Chra
ing C
ross Ro
ad
St Ma
rtin’s Lane
New Bond Street
Con
duit S
treet
Great Marlborough Street
Craven R
oadConnaught Street
Seymour Pla
ce
Portman SqUpper Berkeley Street
George Street
Paddington StreetYork St
Gloucester Pla
ce
Devonshire Street
Weymouth Street
New Cavendish Street
Dean Street
Brewer S
treet
New
man Street
Wells Street New Oxford Street
Great Russell Street
Montague StreetBe
dford
Square
Torrington Place
Malet Street
Tavistock P
lace
High Holborn
Sutherland Ave
nue
Lauderdale Road
Stanho
pe
Stree
t
Drummond Str
eet
Cardington Street
Lodge Road
Penfold Street
Broadley S
treet
Harewood Avenue
Outer Circle
Outer Circle
Crawford StreetYork Street
Harley Street
EDGWARE ROAD
MAIDA VALE
WESTWAY
MARYLEBONE ROADH
AMPSTEAD
ROAD
EUSTON ROAD
LISSON GROVE
JUDD STREET
SOUTHAM
PTON RO
W
UPPER WO
BURN
GO
WER STREET
TOTTENHAM
CO
URT RD
GOODGE STREET
GREAT PO
RTLAND
STREET
PORTLAN
D PLAC
E
PARK ROAD
WIGMORE STREET
OXFORD STREET
MARYLEBO
NE H
IGH
STREET
BAKER STREET
GLO
UCESTER PLAC
E
OXFORD STREET
REGENT STREET SH
AFTESBURY A
VENUE
PRAED
STRE
ET
SUSS
EX G
ARDEN
S
BAYSWATER ROAD
BAYSWATER ROAD
BISHOP’S BRIDGE ROAD
WESTBOURNE TERRACE
RANDOLPH AVENUE
LANARK ROAD
SUTHER
LAND AVEN
UE
WAR
RIN
GTO
N C
RES
WARWICK AVE
BLOMFIE
LD RO
AD
MAIDA AVEN
UE
ORC
HARD
SON
STRE
ET
FRAM
PTO
N ST
REET
ST MARY’S TERRACE
LEINSTER G
ARDEN
S
LittleVenice
Regent ’s Park
RussellSquare
BritishMuseum
UCH
SOAS
Birkbeck
St Mary’s Hospital Wallace Collection
Selfridges
John Lewis
Covent GardenMarket
Madame Tussauds
UCL
DESCRIPTIONThe property is arranged as a car park at basement level only and comprises 30 car parking spaces.
Vehicular and pedestrian access to the car park is from the east side of Weymouth Mews via a ramp and a staircase.
ACCOMMODATIONThe property has been measured by in accordance with RICS Property Measurement (1st Edition) and provides approximately 5,482 sq ft (509.3 sq m) Gross Internal Areas (GIA):
The site area has been calculated using Promap and totals approximately 0.23 acres (0.09 hectares).
TENANCYSingle let to National Car Park Limited on a fully repairing and insuring lease for a term of 34 years and 11 months expiring 28 May 2037 (approximately 19 years unexpired). The lease does not contain a break option and is Outside the 1954 Landlord & Tenant Act.
The rent payable is currently £46,692.88 per annum. The rent is reviewed annually, with fixed RPI linked increases subject to a collar and cap of 1.5%-5.0%.
The tenant has an option to renew the tenancy term equal to the length of the reversionary term (less 10 days) on the same terms at the rent then passing, but excluding a further option to renew.
NCP Ltd’s lease cannot be assigned, which means NCP Ltd remains the tenant throughout the term.
TENANT COVENANTNCP is the UK’s most recognised and longest standing private car park operator being founded in 1931. NCP operates car parking spaces across the UK at over 500 sites for approximately 150,000 cars, possessing a 30% market share.
NCP Limited is jointly owned by Park24 and the Development Bank of Japan (DBJ). The joint venture (JV) purchased NCP Limited in July 2017 in a deal worth in excess of £300,000,000. In total Park24 will operate car parking spaces for approximately 1.2 million cars in over 19,000 sites across eight countries. DBJ is a Japanese Government-owned financial institution with a strong track record in infrastructure finance.
Dun & Bradstreet report a 5A1 rating for NCP Limited, which represents a minimum risk of business failure based on a tangible net worth of £210,138,000 a turnover of £211,461,000 and profit of £24,793,000 for the year end March 2017.
CR
Ward Bdy
27.8m
27.8m
27.7m
LB
Statue
LB
Cycle
Hire
Sta
tion
MA
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FIE
LD
ME
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WEYMOUTH MEWS
NEW CAVENDISH STREET
PO
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LA
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PLA
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WEYMOUTH STREET
DUCHESS STREET
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College
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Midwives
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Portland Place School
60
Research
Facility
Shelter
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0m 10m 20m 30m
Ordnance Survey © Crown Copyright 2018. All rights reserved.
Licence number 100022432. Plotted Scale - 1:999
This drawing is the property of the Colman Partnership Ltd. and Copyright is reserved by them.
TENURELong leasehold. The property is held for a term of 99 years (less one day) from and including 6 January 1955, expiring
4 January 2054 at a rent of £500 per annum
USEThe premises may be used as a car park.
PLANNINGThe property is located in the London Borough of Westminster City
Council, within the Harley Street Conversation Area.
Year Rent (£pa) Yield:
Y1 £46,693 6.00%
Y5 £52,553 6.74%
Y10 £60,924 7.81%
Y15 £70,627 9.06%
Y19 £79,492 10.19%
Estimated Rental Growth (assuming 3% per annum RPI linked uplifts)
VATThe property is registered for VAT. It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC).
DATA ROOMPlease contact Allsop for password protected access to the Data Room.
PROPOSALWe are instructed to invite offers in the region of £740,000 subject to contract and exclusive of VAT. A sale price at this level reflects a capital value of £135 per sq ft GIA and a net initial yield of 6.0% (based on purchaser’s costs of 5.4%).
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 04.18
For further information please contact:
www.allsop.co.uk
Chloe Newton020 7543 [email protected]
Mark Ibbotson020 7543 [email protected]