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Freehold Car Park Investment
NCP, Dalby Avenue
Bristol BS3 4HH
Freehold car park investment
Let to National Car Parks Limited(Shareholders’ Funds £131m)
15 years unexpired lease term
Roadside location
Attractive lot size
Attractive yield profile
TenancyThe property is entirely let to National Car Parks Limited, on a fullrepairing and insuring lease for a term of 25 years from 23rdSeptember 2003, expiring 22nd September 2028. The leaseincorporates the following fixed rental increases:
Therefore, a purchaser will benefit from an initial income of £53,779 perannum upon completion.
CovenantFor the year ending 29th March 2013, National Car Parks Limited (Co.No.253240) reported:
The principal activity of the company is the management andoperation of car parks. Founded in 1931, the company is the UKmarket leader in the provision of off street parking services. For furtherinformation visit www.ncp.co.uk. A financial restructuring of the Groupwas finalised in April 2012, resulting in an injection of new sharecapital of £50 million. As a result of the restructuring the companyincurred transaction costs of £4.1 million.
Value Added TaxThe property has been elected for VAT. It is anticipated that the sale willbe treated as a Transfer of a Going Concern (TOGC).
LocationBristol is the regional and business capital of the South West, locatedapproximately 193 km (120 miles) west of Central London, 136 km(85 miles) south west of Birmingham and 64 km (40 miles) east ofCardiff.
The city benefits from good road communications being situatedadjacent to the M4/M5 Interchange thereby providing direct access tothe South West, South Wales and the West Midlands.
The city is connected to the national railway network with a fastestjourney time to London Paddington of 1 hour 19 minutes. BristolInternational Airport is approximately 15 km (9 miles) to the southwest.
Bristol is one of the United Kingdom’s major centres for the financialservices sector, employing around 40,000 people in the city. Over160 companies have established their national headquarters in thecity. Bristol welcomes over nine million visitors every year and 36,000students to two universities. (Source: Bristol City Council)
SituationThe subject property is situated in the suburb of Bedminster,approximately 1.6 km (1 mile) south of Bristol city centre. The propertyoccupies a prominent position fronting Dalby Avenue. Bedminsterrailway station is immediately to the south and St Catherine’s PlaceShopping Centre is immediately adjacent. National retailers representedin the vicinity include Asda, Boots, Superdrug, Iceland and Wilkinson.The area is a well established residential and commercial area, with theWindmill Farm Business Centre also adjoining the property.
DescriptionThe property comprises a surfaced 170 space public car park onapproximately 0.49 hectares (1.215 acres).
TenureFreehold
The title includes a strip of land outside of the NCP lease which isoccupied by an adjoining party, in dispute. There is no liability for theFreeholder and a purchaser can seek possession of this strip of land ifthey feel this could be of benefit in the future. Please refer to the Deedof Surrender dated 9th July 2013 provided in the data room whichshows the strip of land referred to.
23rd September 2008 £48,709 per annum
23rd September 2013 £53,779 per annum
23rd September 2018 £59,373 per annum
23rd September 2023 £65,552 per annum
Turnover £197,411,000
Pre-Tax Profits (Loss) (£12,871,000)
Shareholders’ Funds £131,137,000
ContactSinger Vielle Dale Henry94-96 Wigmore Street [email protected] W1U 3RF Richard WolfrydTel: 020 7935 7200 [email protected]: 020 7486 8511 Neil Singerwww.singerviellesales.com [email protected]
Altitude Investments - A Singer Vielle Franchisee20 Southernhay West George TurnbullExeter [email protected] 1PRMobile: 07815 867807Tel: 01392 660 000http://www.altitude-investments.com
Vendors Solicitor
Solomon Taylor & Shaw Gary Phillips3 Coach House Yard [email protected] High StreetLondon NW3 1QF
Tel: 020 7431 1912
ProposalOur client is seeking offers in the region of (Seven Hundredand Twenty Five Thousand Pounds) subject to contract, reflecting a netinitial yield of rising to in 2018 and in 2023.
Investment Considerations1. An opportunity to acquire a freehold car park investment;
2. The investment provides secure income;
3. Approximately 15 years unexpired lease term;
4. The property occupies a prominent roadside location in close proximity to Bristol city centre;
5. A purchase at the asking price reflects an attractive yield profile.
Subject to Contract & Exclusive of VAT
Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that:1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them.3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property.4. All maps are for identification purposes only and should not be relied upon for accuracy.5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject.
Under no circumstances shall Singer Vielle be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Property.
Unless otherwise stated, all prices and rents are quoted exclusive of VAT.
These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment.
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