PRIME LONDON CAR PARK INVESTMENT OPPORTUNITY WITH POTENTIAL FOR ALTERNATIVE USE NCP ARTHUR COURT ARTHUR COURT, QUEENSWAY, LONDON W2

PRIME LONDON CAR PARK INVESTMENT OPPORTUNITY WITH POTENTIAL FOR ALTERNATIVE USE NCP ARTHUR COURT ARTHUR COURT, QUEENSWAY, LONDON W2

NCP ARTHUR COURT ARTHUR COURT, QUEENSWAY, LONDON W2 INVESTMENT SUMMARY Prime location between the affluent London areas of Notting Hill and Bayswater Car Park extends to approximately 28,200 sq ft (2,600 sq m) GIA over lower ground and ground floors, comprising 85 spaces Virtual freehold interest at a peppercorn ground rent Let to NCP Limited (5A1 D&B Rating) for a term expiring May 2037, without break Current rent 82,757.68 per annum, which represents a very low rate per sq ft of circa 2.93 psf GIA Rent reviewed annually with RPI linked increases collared and capped between 1.50% - 5.00% Long term potential for a residential led development scheme (subject to necessary consents) Alternatively potential for a storage, distribution, leisure or retail use scheme Offers are invited in excess of 1,900,000 subject to contract and exclusive of VAT. A sale price at this level reflects a capital value of 86 per sq ft GIA and a net initial yield of 4.10% (based on purchaser s costs of 6.25%). LOCATION & SITUATION The property is situated in Bayswater / Notting Hill in central London, within the London Borough of Westminster. The location is internationally recognised as one of London s most desirable and affluent neighbourhoods, characterised as a premier retail, residential and leisure destination being home to fashionable boutiques, restaurants, markets and bars. Tourism is a significant driver of the local economy with Portobello Road market and the Notting Hill Carnival attracting millions of visitors each year. Queensway is one of the main arterial routes linking Paddington, Bayswater and Notting Hill. Arthur Court Car Park is prominently situated on the west side of Queensway approximately 120 meters north of its junction with Westbourne Grove. Queensway is the focus of Bayswater s retailing with Whiteleys Shopping Centre being anchored by Marks & Spencer, with additional national occupiers including Zara and H&M. Plans to redevelop Queensway are currently underway. The Whiteleys Centre is undergoing a 1 billion regeneration (exact plans to be finalised) that will transform Whiteleys into a Covent Garden of the West. The development aims to enhance the area s retail and leisure offering with 100 new homes, a cinema, boutique hotel, retail and a new courtyard, whilst improving the consumer experience by making Queensway more pedestrian friendly.

PRIME LONDON CAR PARK INVESTMENT OPPORTUNITY WITH POTENTIAL FOR ALTERNATIVE USE CONNECTIVITY Bayswater / Notting Hill has excellent communications with the London Underground network being easily accessible from Bayswater (Circle and District lines), Queensway (Central line), Notting Hill Gate (Central, Circle and District lines) and Paddington (Bakerloo, Hammersmith & City, Circle and District Lines) stations, which are all within walking distance of the car park. Paddington station provides national rail services to the west and south west along with direct access to Heathrow Airport via the Heathrow Express in 15 minutes. Queensway is strategically located south of the A40 Westway, which provides quick and easy access to London s West End and the City of London, and also feeds to the wider national motorway network becoming the M40. WESTWAY A40 Westbourne Park Villas Royal Oak PADDINGTON Porch ester R d BISHOP S BRIDGE ROAD WESTBOURNE TERRACE Paddington St Mary s Hospital Hatherley Grove WESTBOURNE GROVE Queensway Inverness Terrace Chepstow Place Garway Road BAYSWATER Craven Road LEINSTER GARDENS Place Moscow Road Bayswater Queensway BAYSWATER ROAD Kensington Gardens

NCP ARTHUR COURT ARTHUR COURT, QUEENSWAY, LONDON W2 DESCRIPTION The property comprises of a car park arranged over ground and lower ground floors only, totaling 85 car parking spaces. The car park is situated below Arthur Court, a residential block of flats. Vehicular and pedestrian access is directly off Queensway. ACCOMMODATION The property has been measured in accordance with the RICS Property Measurement (1st Edition) and provides the following approximate Gross Internal Areas (GIA): Floor GIA (SQ FT) GIA (SQ M) Ground 13,482 1,252.5 Lower Ground 14,747 1,370.1 TOTAL 28,200 2,600.0 TENANCY Single let to National Car Parks Limited on a full repairing and insuring lease for a terms (the new lease will not include a further option to renew) of 34 years and 11 months expiring 28th May 2037 (approximately 19.25 years unexpired), with no break and Outside the 1954 Landlord & Tenant Act. The rent is 82,757.68 annum, which represents a very low current rate per sq ft of just 2.93 psf GIA. The rent is reviewed annually on the 29th June (next review in 2018) in line with RPI increases, subject to a collar and cap of 1.5% and 5.0% respectively. The tenant has a call option to renew the tenancy for a further 20 years on the same terms (the new lease will not include a further option to renew) on 18 months notice, at the rent then passing, which is subject to the same rent review provisions. NCP has sublet in part (part of the ground floor and the lower ground floor level of the property) to Stores (UK) Limited for 15 years from 26th April 2016, at a passing rent of 80,000 per annum. NCP Ltd s lease cannot be assigned, which means NCP Ltd remains the tenant throughout the term.

PRIME LONDON CAR PARK INVESTMENT OPPORTUNITY WITH POTENTIAL FOR ALTERNATIVE USE Running yield assuming an annual RPI linked uplift of 3% and a purchase at 4% NIY 0.0800 0.0700 0.0600 Yield 0.0500 0.0400 0.0300 0.0200 0.0100 0.0000 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 Year TENANT COVENANT NCP 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), both investment grade rated businesses with substantial cash generation potential and cash/capital reserves relative to the NCP Group. The joint venture (JV) purchased NCP Limited in July 2017 for an indicative enterprise value of 440 million. As part of the Acquisition 100% of the NCP Group s external debt was repaid. Park24 is a listed Japanese company based in Tokyo, and is a major parking operator with over 1 million spaces in 19,000 sites across 8 countries. DBJ is a Japanese Government owned financial institution with a strong track record in infrastructure finance. A post-acquisition risk evaluation conducted by Dun & Bradstreet rated NCP 5A 1, the highest available rating, highlighting the marked improvement in credit quality following the acquisition. TENURE Virtual Freehold the property is held on a long leasehold interest expiring in 2990 at a peppercorn ground rent. PLANNING The property is located in the London Borough of Westminster City Council, within the Queensway Conversation Area. USE The property may be used as garage and offices and other use properly incidental including the storage of petrol and installation of petrol pumps. Landlord s consent to a change of use is not to be unreasonably delayed or withheld. THE POTENTIAL Colman Architects have carried out an analysis of development options and have identified the potential for a residential led scheme on lease expiry creating 9 units with 10 car parking spaces, subject to necessary consents. Further, alternative uses include storage, distribution, leisure and / or retail, subject to necessary consents. This drawing is the property of the Colman Partnership Ltd. and Copyright is reserved by them.

VAT The 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 ROOM Please contact Allsop for access to the Data Room. PROPOSAL We are instructed to invite offers in excess of 1,900,000 subject to contract and exclusive of VAT. A sale price at this level reflects a capital value of 86 per sq ft GIA and a net initial yield of 4.10% (based on purchaser s costs of 6.25%). For further information please contact: Chloe Newton 020 7543 6886 chloe.newton@allsop.co.uk Mark Ibbotson 020 7543 6879 mark.ibbotson@allsop.co.uk Nick Pemberton 020 7543 6775 nick.pemberton@allsop.co.uk www.allsop.co.uk 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 03.18