SHEFFIELD NCP CAR PARK BLONK STREET, SOUTH YORKSHIRE S1 2AB WELL LOCATED LEASEHOLD CAR PARK INVESTMENT

Size: px

Start display at page:

Download "SHEFFIELD NCP CAR PARK BLONK STREET, SOUTH YORKSHIRE S1 2AB WELL LOCATED LEASEHOLD CAR PARK INVESTMENT"

Eustacia Ramsey
5 years ago
Views:

1 NCP CAR PARK BLONK STREET, SOUTH YORKSHIRE S1 2AB

, NCP CAR PARK BLONK STREET SOUTH YORKSHIRE S1 2AB INVESTMENT SUMMARY Sheffield is Englands

The investment comprises a well located city centre multi storey car-park.

2 , NCP CAR PARK BLONK STREET SOUTH YORKSHIRE S1 2AB INVESTMENT SUMMARY Sheffield is Englands fourth largest city and the commercial, administrative and retail centre for South Yorkshire. The investment comprises a well located city centre multi storey car-park. The property is held on a long lease with an unexpired term of approximately years at a peppercorn rent. The property is sub underlet to Wellbay Investments Ltd on assignment from NCP on a co-terminus FRI lease less 6 days. The lease is subject to 7 yearly upward only reviews to open market rent. The current passing rent is 78,400 pa. Offers sought in excess of 1,100,000 reflecting an attractive net initial yield of 6.73% allowing for usual purchasers costs of 5.85%.

, NCP CAR PARK BLONK STREET SOUTH YORKSHIRE S1 2AB 1 2 8 3 4 5 6 7 TENTER ST 9 11 10 CORPORATION ST BLONK ST NCP CAR PARK 12 13 WICKER 15 14 M1 & M18 16 M1 LEEDS SEVILE STREET SPITAL ST MEADOWHALL

3 , NCP CAR PARK BLONK STREET SOUTH YORKSHIRE S1 2AB TENTER ST CORPORATION ST BLONK ST NCP CAR PARK WICKER M1 & M18 16 M1 LEEDS SEVILE STREET SPITAL ST MEADOWHALL SHOPPING CENTRE 4 MILES 1 TRAIN STATION 2 HALLAM UNIVERSITY 3 CRUCIBLE THEATRE 4 TOWN HALL 5 ORCHARD SQ SHOPPING CENTRE 6 CITY HALL 7 PONDS FORGE SPORTS CENTRE 8 02 ACADEMY 9 REMIER INN 10 CROWN COURT 11 CASTLEGATE REDEVELOPMENT 12 HILTON HOTEL 13 METROPOLITAN 14 HOLIDAY INN EXPRERSS 15 RIVERSIDE EXCHANGE 16 HOLIDAY INN

4 , NCP CAR PARK BLONK STREET SOUTH YORKSHIRE S1 2AB LOCATION The city of Sheffield has a population of some 530,000 and is located approximately 35 miles north of Derby and 33 miles south of Leeds. The city benefits from good road communications via the A630 and main roads, which in turn lead to Junctions 31 and 33 of the M1 Motorway some 5 miles to the east. The property is situated on the east side of Blonk Street some 0.9 miles north-east of Sheffield city centre and is conveniently some 0.2 miles south-east of the Ring Road. Occupiers close by include Holiday Inn Express, Sheffield Metropolitan Hotel (both adjacent) and Hilton Hotel amongst a number of large office buildings. DESCRIPTION The property provides a multi-storey car park arranged on ground and seven upper levels. The property benefits from 301 spaces on a site area of approximately 0.24 hectares (0.59 acres). TENURE The property is held leasehold for a term of 99 years less 3 days from 7th June 1971 expiring 4th June 2070 the unexpired term is approximately years. The rent is a peppercorn. The lease is effectively full repairing insuring. The long lease is held from LDC (Smithfield) Ltd with the ultimate freeholder bring Sheffield City Council. HOYLE ST J18 M60 M56 J19 MANCHESTER SHEPARD ST J1 A555 M60 J24 M67 J4 STOCKPORT A523 MACCLESFIELD BROAD LANE SHA LESMOOR RIVER DON GREEN LANE B6074 A6 MOWBRAY ST A537 A53 ALMA ST W BAR BRIDGE ST A628 A6 TRAMLINK PEAK DISTRICT NATIONAL PARK A623 RIVER DON BARNSLEY 9 A628 A629 6 BLONK ST J37 M1 A628 J35A J34 7 A631 CHESTERFIELD SPITAL HILL TESCO EXTRA A635 ROTHERHAM RIVER DON M1 J29 J32 J31 EFFINGHAM ST A1(M) J35 J2 J2 M18 J35 J1 ST JOHNS CHURCH PARK DONCASTER NATIONAL EMERGENCY SERVICES MUSEUM THE MEGACENTRE TENTER ST CORPORATION ST ROCK ST SNIG HILL BRIDGE ST NURSERY ST DEREK DOOLEY WAY HIGH ST COMMERCIAL ST 35 NCP CAR PARK BLONK ST CASTLEGATE BLONK ST EXCHANGE PL METROPOLITAN HOTEL FURNIVAL RD VICTORIA QUAY PARK SQUARE ROUNDABOUT SW PARK HOLIDAY INN DEREK DOOLEY WAY BROAD ST SUSSEX ST PARK B6071 A631 A60 82 A60 A1(M) J34 M18 A638 A1 WORKSOP TRAMLINK 4 A ATTER CRICKET INN RD EFFINGHAM RD LEVESON ST B6071 PARK WAY MALTRAVERS RD PRINCESS ST B6071 CRICKET IN WEST ST ORCHARD SQ SHOPPING CENTRE ARUNDEL GATE POND ST POND FORGE INTERNATIONAL SPORTS CENTRE POND HILL B6070 DUKE ST

5 , NCP CAR PARK BLONK STREET SOUTH YORKSHIRE S1 2AB TENANCY The property is sub let on a 99 year lease less 6 days from 7th June The lease is full repairing and insuring subject to 7 yearly upward only reviews to open market rental value. The current passing rent agreed at the June 2016 review is 78,400 per annum increasing from its previous level of 72,400 per annum. The original tenant was National Car Parks Ltd (NCP) Ltd, the lease has subsequently been assigned to CP Co 7 Limited and was assigned last year to Wellbay Investments Ltd. As a result of the lease being dated pre 1995 the landlord is able to rely on NCP Ltd by way of privity. The property is at present sub under-let let to NCP Ltd ( who operate the car park) for a term of 34 years and 11 months from the 29th June 2002 expiring 28th May 2037 (no breaks) at a current rent of 6, per annum PLUS the rent payable under the superior sub lease. The sublease provides for the subtenant to pay the rent payable under the immediate superior lease but in addition the base rent is compounded by 3% per annum, at each review which are 7 yearly. The repairing obligations comply with the head lease, and are effectively FRI. The tenant has the option to extend the lease for a further 20 years on providing 18 months notice. TENANT INFORMATION National Car Parks is the United Kingdom s largest and longest-standing private car park operator, with over 150,000 spaces across more than 500 car parks in towns, cities, airports and London Underground and National Rail Stations. Website Address: National Car Parks Ltd (company number ) YEAR TO 31/3/ / /3/2015 TURNOVER 211.4M 202.7M 198.7M PRE-TAX PROFIT 24.7M 28M 14.7M NAV 190.8M 169.5M 157.9M CP CO 7 Limited The principle activity of CP CO 7 Limited is that of property ownership and management with the aim of deriving a profit through the continued use or through a sale of the investments. YEAR TO 31/12/ /12/2014 TURNOVER 13,112,300 14,568,613 PRE-TAX PROFIT 3,179,464 4,007,735 NET ASSETS 56,640,924 54,446,337 Wellbay Investments Limited There are no accounts available for this company. VAT VAT is applicable to this sale. Please refer to the special conditions for Transfer of a Going Concern (TOGC) provisions. ENERGY PERFORMANCE CERTIFICATE EPC is not required for a car park.

, NCP CAR PARK BLONK STREET SOUTH YORKSHIRE S1 2AB FURTHER INFORMATION For further information please do not hesitate to

com Andrew Barrs DD: 020 3667 8408 M: 07909 522 151 E: ab@andrewbarrs.

com BCM St Christopher s House St Christopher s Place London W1U 1NZ Misrepresentation Act: These particulars are issued,

Any person with an actual or prospective interest in the premises must satisfy themselves as to any matter concerning the

BCMRE, nor any of their employees or agents have authority to make or give any representation or warranty as to the

6 , NCP CAR PARK BLONK STREET SOUTH YORKSHIRE S1 2AB FURTHER INFORMATION For further information please do not hesitate to contact BCM Real Estate. John Reavley DD: T: M: E: Andrew Barrs DD: M: E: Tom Steadman DD: M: E: BCM St Christopher s House St Christopher s Place London W1U 1NZ Misrepresentation Act: These particulars are issued, without responsibility on the part of the vendor, BCMRE, or any of their respective employees or agents and serve only as an introductory guide to the premises. No part of them constitutes a term of a contract or a statement or representation upon which any reliance can be placed. Any person with an actual or prospective interest in the premises must satisfy themselves as to any matter concerning the premises by inspection, independent advice or otherwise. BCMRE, nor any of their employees or agents have authority to make or give any representation or warranty as to the premises whether in this report or otherwise. Unless otherwise stated all figures quoted are to be considered exclusive of VAT. The plans are published for convenience of identification only, and although believed to be correct, their accuracy is not guaranteed and does not form part of any contract. November Design and produced by PLP London T: plplondon.com

In the meantime, if I can be of any further assistance please do not hesitate to contact me or my colleague, Mark Dansky (DDI: ).

In the meantime, if I can be of any further assistance please do not hesitate to contact me or my colleague, Mark Dansky (DDI: ). 8 May 2017 Dear Investor CAPITA SHEFFIELD I have pleasure in attaching a unique investment opportunity secured to 5A1 covenant for in excess of 22 years subject to annual rental increases throughout the