INVESTMENT OPPORTUNITY – LONDON LONG-LET WELL-SECURED RPI LINKED INCOME IN PRIME LOCATION

MARYLEBONE CAR PARK

Marylebone • London NWI Property Overview

MARYLEBONE (NCP) CAR PARK, 170 MARYLEBONE ROAD, LONDON NW1 5AR Rare car park investment in prime Central London leased to Secure Parking (operated by NCP) on a long term certain. Offers secure income benefiting from annual upward only RPI rent reviews.

• Prominent and visible situation on the busy junction of Marylebone Road (A501 Westway) and Gloucester Place (A41); • Ideally located just outside of the Congestion Charge Zone; • Virtual Freehold (new 999-year interest) at a peppercorn ground rent; • Well secured income, let to S&K Car Park Management Ltd (t/a NCP) with a surety from Secure Parking Pty Ltd on a 35-year FRI lease from 1st August 2018, expiring 31st July 2053; • Passing rent £420,240 per annum, with annual RPI linked rent reviews (subject to a minimum increase of 2% per annum, and a maximum increase of 4% per annum). Next review is August 2021, vendor will top-up to the minimum rent, which is £428,645 pa; • Accommodation comprises c. 47,000 sq ft (GIA) which is situated over two lower ground floors, accessed from an entrance off Marylebone Road and an exit onto Glentworth Street; • Currently demised as 122 marked spaces with additional car wash facility, electric charging points, motorcycle and bike storage compound; • The car park was comprehensively refurbished in 2018 with new floor surface and markings, new LED lighting and extraction, new office, CCTV etc; • Offered at an extremely low capital value of only £190 per sq ft, the asset is also suitable for a range of alternative uses (STPP) such as leisure, storage, ‘last-mile’ storage or a ‘dark kitchen’. Proposal

We are seeking offers in excess of £8,930,000 (Eight Million Nine Hundred and Thirty Thousand Pounds) subject to contract and exclusive of VAT. Based on an initial rent of £428,645 pa (vendor will top-up to the minimum rent increase at Aug 2021 review) a sale price at this level, net of purchaser’s costs assumed to be 6.7%, reflects a net initial yield of 4.50%. By Aug 2031 the running yield will increase to a minimum of 5.5%, or potentially up to a maximum of 6.66%, depending on RPI performance. City of London The Shard

London BT Eye Tower

Bond Street Oxford Street

Marylebone High Street

University of Madame Westminster Baker Street Tussaud

Gloucester Place Regent’s Baker Street Park

London Business Sherlock Holmes School Museum WeWork

A510 Marylebone Road

Dorset Western Eye Square Hospital The Landmark Hotel

A40 West Way

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O L I E . E G S H WEST D C D D P S . N T B R A T ET T E I N J T T H R A T S E S Y K L O O T R N G T R X T . I S O C U L R R U T O G I levels of Dorset House, a landmark Grade II Listed U C ’ A B A F R E A L A S . H K K L L S KILBURN T M I B H A P O L

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nd Uni The property occupiesA an entire island site with extensive N R E R N T O S

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I L R W D W T D H A A N E O P N R U T . K R L O C E U E N T T E S T Y M G O N N O R U S N A R A N S S B S E G I CA W L frontages ontoA Marylebone Road andV Gloucester Place. W O S B T B E NAL O V C N C Y H T R A L R . U . I A L M E T CLERKENWELL D R S H S E E D Q I E A Y D S E Y R H CH R R N R R L D N A A S L I A S S N U O D O C N E H N . L E C I O O O W E T L A G R D R T . N R S L T D E K A R N U T T B E A R R N O R D E E W EUSTO O G T P B O E S A E R T D R I T A N R The car park is accessed off the D junction off these. two major F E

R D G E E Marylebone R A N O R L E R N V E E A E A L A P N O B L . R R O A R B O D A U R L P R T O C

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L A L L D H O E F O K R I L A R I O E O C U O E D E E L . R R R G D R WOR R T. L S S L thoroughfares withD goodG visibilityH and signage. HIP R A M H W A D S R T U S QUAKE AR T C A H A T. T H C O S L S R A A R D L E E I S U A C T E E R R I R T L D A . E O C N HI S T T S S W S R D U S E A R . O O N N O L A A N R . L D T K W T O E S E E E E B V G E X E S BARBICAN F B R S M U V E D C L L L INS T S

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A B M R E M . A Y D R RD A S R V R E E . E SPITALFIELDS L D T R E L E A R A S D C U L H L G T N L . O A R A O E A E E L GATE ST. E L L R O U T M R A FO R U S R T D E B U T N T O U B A R B E A G T E V O E O T O MaryleboneL Road is one of central London’s key G L U E R D R SQUAR P RE B B P L D R T T E F ST K O T Q E S URY A N E P H A S B U A O P MB ST. NB A S G P S M A LA B A C W E O H H R ’ O E E R C A S E T T R Y N O D E N O T E N S T . D E C R O W R W Y E B W R T. N F H ’ E S A . S S S O T A S P C O S I I L O L E Y D T A G R K L D NORTH O D T R D T S T C L K G E O A T. I A R E O D L S G thoroughfares, a continuation of the A40 Westway, M R B E A AD R M M A L O O R G I R K 4 R Y T R A ST. HA ROW M S N E R E L U N W . O S 0 BLOOMSBURY U P B R ELD O O I L MARYLEBONE T P E A HF D N E L O N S Liverpool US M E L D R R T O A R . E B KENSINGTONA O N S H P L N T E U LD N E WES O I T O T D S E O L E WAY A40 R A T B O H N T U N L E T T H E E L O S D . B E S T V R N E T D R R D Y L . R Street P R A A B A A N W N . A Q which connects the M40 motorway with the City of RO E C O E T R U C D IN N O N OW L T T O ARR L G D N I H A W M O . R NSB T C I . N R A E E S T . A F U C L Y U E N A R N A E M S R Y E V T D B H A E S R R K E A Y I N NU E T R L A C Moorgate G L H S S O A O I T E S C D A N L . C V C S E W ER E P E R R T O B S W T I P I T N Y HOL R OO L . T N B M M S R O W . London and has daily traffic flowsH around 80,000O vehicles. S U R BO R S CU L R E T A U OL N O S R S E E L R R U H S E H R D S A H R T M E R B G PADDINGTON E T D I . H . D L E N Y S H O T R T R R W E S A C E G H U LONDON WALL I O N E H R E P O H M W O E A . O L T D L D T M T L H Y O O

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W E U N Gloucester Place (A41) is a major route from the north into T O U S B E . U HOLBORN R D N X A B R H

O L R R D O C E D T G S N L E P . Y S I ’ E R N F I S B E E S P . L P A T I A H D N P F S O E N T C E E D O A L E D E L D O S N B . S . H E L T T R H R O E A R R V S R T E T L I . E A W G CITY O E L A S R W P I W U E E T T R I B B K R V A W P C S T A H U Y E S E C S D D I H D N O E T E C E R G H S C H I A B P C OA U S E R F O R N CA R O H A E H L E Marylebone/Mayfair and West End of London and has X O ANE A T R E M O Y M O IT

C B T C N S DU E R IG H B L ’ O S R W W Y N I A D E O S D B W N Y R . H A V N U A S L E L K T L O R A D S C R E G C N B S NON A W O E R S N S C . G A L T O D L N E E O R H S S G Y N M R T E E O E D T COVENT E O L 0 L D R R A T A4 daily traffic flows around 14,000 vehicles. A A R . A T E . P ED .

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H E LU A M L N D N E T T DG S E N L E W E G G U T R E ATE E A N Q R E U E S S H A R EM . L R A W IL PO H A S E T T U R N S L U W D T E T A A S Y A40 GARDEN N E C O R R G L A N T W S E T B T A O OR E T E RY A S C I S O S U BAYSWATER X A R E W F F E E E G G E Y . N W C V K EET

D E E X D O L CORNH LEADENHALL STR N R A R U O N T A ILL EE D T R E A R T

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L C P S E C N D T R CO R L S D E S A T S Strategically situated outside the Congestion Charge zone. E T N E

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D B T D E S O P T E T E A Street SWALL T A C S I ROS K S R STCHE C N W R R H T EA A I O K A T EN E P . N B ANKM M R O S EM R G RO R S Marylebone Road acts as Rthe boundary to the Central R E N YAL E O G R A K D O RIA EA T A U S

E O B O MAYFAIR T T O T R T IC . IC D T A Blackfriars T U V O T C I W FR T ER S R . O A R E ST. L A E D H R IL

D S T H O E OA T. B Cannon Street OWER H S N C R S S G

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G R UT D London Congestion Charge Zone.A The car park is situated on R LOWE T N NOTTING HILL P O E T A N R T E L O D D N D HAM RE

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R A Y M V M K the north side of Marylebone Road, just outside the Charging T L E O O N R R W

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E L T E T GA e E I L E O L T T R L N D L R O St. Katharine’s S

U A L D HI A K D T R N K B N N G E Charing Cross D TT IN A D S E L O

Zone. As such, it is not necessaryNO for customers to enter and L U N C Dock O L O A S N T O S M o E C N F R . I O T Y O

C T S O E E G . E n P O L R M R HYDE PARK T R U T G E L N K M

A S E A . A R U R L E E N g L E T E T S H O N B E M M SOUTHWARK N E E . CHARING P RE TOWER O pay the charge, but allows for immediate walking access to A R L T V I L R P S

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S N F S SHEPHERD’S BUSH CROSS . K a E O G O R E Z M V I R A U London Bridge t T A N U E I N C W T UX key points of interestP within the zone. e H B RIDG L L S W E B L A G r L RO D R A A D E D KENSINGTON A H K R N R I S T M V A H H Y A S L O I T R E T L E L O L E R I S E R T T S O P E N L L ST. O T H L A Round T I NE I A . N GARDENS E T L D P R T D HO H R O A H M A Pond A D C JAMES’S T A T S M S A WATERLOO S O H U R C E O A X A I D E C L H BR . E S O L ST E I P D RE E D B L D ET S Y S T GE H T h L R T H A e L N P W R IO A R B S er A UN R QUE A O pe R T EN H A n E B E M D D U tin M O E S L O A K T IZ

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R H T R R BOROUGH R E S R T O L I E H D O C O A S EN S H K Y M E TR ’ E L L E T R T EE S GR A H T L B H E M O D H L T E F S S A D S G G R U A U KENSINGTON A N U

B R K N GREEN PARK ST. U D I D T Kensington I R I N R F S D D L D

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A L O E Palace VE CON JAMES’S O A S E R V O OUT DRI E S T I T Waterloo D K D E S H C G UT A Y R E ARR AGE I O L I I I D N A L N R H S K O T B HI L L K T

S B W L HT G O G R HA S A A R KNI G PARK R E D HOLLAND ROAD R R S U S L N S O KE T ON R A E D G K T T T GO E E NS KENSIN WA L WES O R O

D L A IN O TMINSTER E R N D R TA N R S R PARK GT W E E A E R R D O E S E S T O A H O N A G I H E X A G A O ROA Q D D C D B T A D V R S EE P I WESTMINSTER L T T T R M H A B

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L R R D W O O A R R A O O O E R S T I N I I A LGR E B T KNIGHTSBRIDGE S C A S R E G O

E A S N A P D A T D I . B ANCE T D Y D C R M ROA Y A A A O F R H T R E O A S N O I GH A B L AD G U G U A N O T L I E S R D N N Y B O N H T P P S W A I R T T E A NSO E E R T E

D H CO O R P L T E R CE . R D S R T D N R E A

H G RI E T B RO EE G P L E O D N T L R A P E RID E . U D E STR S G S NEWINGTON O D O D L I O E D P I E R A H A EY N S A A B C B S O B L O T A R QUA R M G S T H N A A C A N A S E E T E T R O S G T E D S R M A . L D I D M D S S B P A T U N N T G C V I I R B T E U E E M W D R O B E T R A A O N R O R R BERMONDSEY B S L A R B H L R E E O R L A R M O B NS E L N G I L S ’ G V ES A T R E B R C Y E A E S R R E S I A A R K B T E R S S G T N LK T L L A E G GE WA K D N O I P T R H O T R L O V D T . R N A L I O R E A . C E E E I C G O H N D E K E A R D G T P N A S G O L O S R V E W T E R O E L A O A E H E D T W L A R . P U R R A U B R D P S U E M D N R S L T G O O . O O D Q N E O . ’ A R D R R G A E ’ E T S A S A U R

O M W T T EY . D N E D C L R B R C N O P AT N A L D O C A A S O O A T S A R I D A R R T M R D E H K N F W D A E O CE S E A W A A I O H C L T H G A BROMPTON BELGRAVIA L O H K T P M E G W E D R O B D T G E T N A C M P I A E A E W W R N C L A O W R E R N D AD O N L T L KE D E L O N A E O L O LAM A T R O I

A N R R E O S BE N D ELL U T I ROAD TH BR. D L R S A MW L Z S R N B H H S L H E O CRO T A T Y R A W R O TER F E R R O P A T LAMBETH O O R S B N K E O S WEST E E S I R C W K E R C O W Q S E D L O T R S

E O T C R R K R . H IV E O PARK RD. U D A E E GLENTHOR B H A E D U RK

N L E Victoria E O T A A C G HW R M A OAD D C T W B KENSINGTON E D L L R OC A M O L R D P S E T A A R E . A

E E I S R A N T N R O D T A T O E S A A N N D L R R A OA E R O V N E R R P N A N T W T E K D N E A D A O O G O C L O O H R GT DR E B D F E YG D A A L RIN O A T R U E A E N N I T L L H AR Y E . Y R R H R R M D E ’ H N S CO C X E Y D R S . S A . S LO T L A M B E D D L R W E S L S O W L T M K . M M N L A P E Y H W . AD A I M P D E K A O NG HA N M G O N M A LG A A S W Y O ON W E A K W T S O R N D T V W L H R L R O N TR R C NG D E T E A L N E C A R I Y V R D O ET E R A S N T G N R O R O O R U E E . A E V R D H SOUTH O Q A O P A . E R N T R T T E U . V L B

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E A A U ROAD W W D R Q O D T . marylebone

Marylebone is internationally recognised as one of London’s most desirable and affluent neighbourhoods, characterised as a premier retail, residential, office and leisure destination being home to fashionable boutiques, restaurants, markets and bars.

Ideal access to local attractions.

The car park provides ideal access to the attractions, parks and transport links on offer nearby. In close proximity are some of London’s premier tourist attractions including Madam Tussauds, London Planetarium, The Sherlock Homes Museum, Lords Cricket Ground, Regents Park, London Zoo and the British Library.

Other notable neighbours include London Business School, 5* Landmark Hotel, Baker Street and Marylebone Mainline stations, as well as Westminster Magistrates Court. Major new commercial and hotel developments nearby are expected to generate further demand.

Benefits from reduced local car park competition.

The property has benefited from reduced local competition in recent years, where car parks in Marylebone have been taken back for redevelopment. Notable examples of this are the underground car park on Cavendish Square (432 spaces lost), the multi-storey car park on Welbeck Street (359 spaces lost) and the surface car park on Moxon Street (166 space lost). DESCRIPTION

The property comprises a secure parking facility situated underneath Dorset House, a prominent landmark Grade II Listed art deco building comprising c.200 flats and The landlord spent c.£500k comprehensively refurbishing the car park in 2018, which included: a mix of commercial uses on the ground floor (not included in sale).

The accommodation comprises c. 47,000 sq ft (GIA) and is situated over two lower ground floors (L1 & L2).

Access is down a ramp from Marylebone Road and the exit is up a ramp to Glentworth Street.

The property benefits from 122 marked spaces, with an additional car wash facility and bike and motorcycle Painting the walls and New LED lighting CCTV instalment New office New floor surface Extractor plant storage compound. soffits (ceiling) overhaul

TENURE

A new 999-year virtual freehold interest at a Some of the key features of the property include: peppercorn rent. tenancy

The property is let under a new FRI lease to S&K Car Park Management Limited, with Secure Parking Pty Limited as the Guarantor. Secure Leased to and Prominent signage on On-site offices and Ticket machines Car wash facility The lease is for a term of 35 years from 1st August 2018, underground site operated by Marylebone Road lavatories expiring 31st July 2053. The lease is contracted outside Secure P (recently the L&T Act 1954, and has mutual break options in 2033, rebranded as NCP) 2038, 2043 and 2048.

Lease term certain of 12.5 years until the first mutual break option in August 2033.

There are upward only RPI linked rent reviews, on the 1st anniversary of the lease term, and every 12 months thereafter. The RPI increase is capped at a maximum of Digital advertising Additional motor bike 6 x electric charging Barrier entry Operates/access 4% and collared at a minimum of 2% per annum. board and cycle store area points 24-7 (secured at Next review falls on 1st August 2021. night)

The passing rent is £420,240 per annum. The vendor will top-up the rent to £428,645 per annum, which is the minimum the rent can increase to at review in August 2021.

COVENANT

While the car park is branded and operated by NCP, The Ultimate Beneficial Owner of both Secure Parking the rent liability remains with S&K CPM Ltd and the and NCP is the Japanese company Park 24 Co Ltd, guarantor is Secure Parking Pty Limited, a “Low Risk” which is part owned by DBJ, a Japanese government covenant. All rent due since lease start, including owned financial institution. Details are outlined below: throughout the Covid pandemic, has been paid in full.

Tenant – S&K Car Park Management Ltd Operator - NCP

A UK company. Creditsafe score is 64/100, and NCP are the UK’s largest private parking operator “Low risk”. For the year to date 30/06/2018 they with over 150,000 spaces in over 500 sites. reported a turnover of £6,584,039 and a pre-tax profit of £248,862. In 2017 Park24 acquired NCP in the UK

In June 2019 the UK operations of Secure Parking were acquired by NCP.

Guarantor – Secure Parking Pty Ltd Ultimate Beneficial Owner - Park24 Co Ltd

An Australian company. Creditsafe score is A Japanese company owned by Park24 and 644/1200, and rated “B” (out of A-E) and described Development Bank of Japan (DBJ). Park24 is the as “Low risk”. For the year end June 2017 they majority owner, based in Tokyo, and is a major reported a turnover of $279 million and a pre-tax parking operator with 1,043,570 spaces in over profit of $3.67 million. 19,000 sites, across 8 countries. Listed on Tokyo stock exchange (PIC 7282) with a turnover 285 BN YEN. One of the leading car park operators in the world For further info please see www.park24.co.jp/en with 35 years of experience managing car parks in They currently have a credit score of 58/100 and Australia, New Zealand, United Kingdom, Indonesia, described as “Low Risk”. Malaysia, Singapore, China, India, Lebanon and the UAE. They own over 1,500 car parks worldwide and DBJ, co-investor alongside Park24 and a Japanese 1 million parking spaces. government-owned financial institution, is a sophisticated private equity investor who also has Operator of car parks in major airports, shopping a strong track record in infrastructure finance. malls, hotels, hospitals and medical centres, office towers, shop-estates, industrial complexes and They are the world’s biggest parking business sporting stadiums. Secure Parking is the largest tenant operator. with some of the largest property groups in the World and employs over 15,000 employees.

Our tenant, Secure Parking, is a very significant part Of this total, Secure Parking have 1,080 sites (41%) of the Park 24 business. The total Park 24 overseas car and 360,300 car spaces (54%). This compares to park business comprises approximately 2,630 sites NCP which has 579 sites (22%) and 223,000 and 665,800 spaces. car spaces (33%). PAN DEMIC IM PACT ALTERNATIVE USES

In light of Covid-19, public transport use has remained The property would also be suitable for a number very low but car use bounced back in 2020. Public car use of alternative uses (STP) such as: A storage facility; is set to thrive in light of social distancing measures and Leisure (gym/spa or bowling/snooker); Secure official Government advice that alternative forms of travel Showroom; Large goods retail store etc. to public transport need to continue to be considered. The pandemic has also accelerated growth in ‘last-mile logistics’, which is demanding more localised hubs to service Vehicle usage returned to c.90% of same-day deliveries to inhabitants of cities such as London. pre-Covid levels in and around London As such, the property could present an opportunity for an 90% by the end of 2020 urban logistics hub and the creation of a micro-depot. This has been seen as a recent example in the London Wall Car Park on the edge of the Barbican Estate, where the City London Underground usage operated of London are set to lease 39 car parking spaces to Amazon at merely 3% during the first lockdown for a last-mile logistics hub. 40% in March, recovering slowly to 40% Given the rise of food takeaway platforms such as Deliveroo, by the end of the year. ‘dark kitchens’ are surfacing around the country and mainly in London. These are professional kitchen facilities that are out-of-sight but produce food for multiple food brands. They now account for 30% of food sale deliveries and the asset would be well suited to conversion.

Price VAT

We are seeking offers in excess of £8,930,000 (Eight The property is VAT elected. It is anticipated the sale Million Nine Hundred and Thirty Thousand Pounds), of this property will be treated as a Transfer of a subject to contract and exclusive of VAT. Based on an Going Concern (TOGC). initial rent of £428,645 pa (vendor will top-up to the minimum rent increase at Aug 2021 review) a sale price at this level reflects a net initial yield of 4.50%. Further • By Aug 2031 the running yield will increase to a minimum of 5.5%, or potentially up to a maximum of 6.66% Information depending on RPI performance. To arrange an inspection or for further information, • The property offers well secured income, with guaranteed including leases and EPC, please contact: annual RPI-linked rental increases, for a term of 35 years from August 2018. Jonathan Evans • This inflation-linked income provides an attractive revenue stream in uncertain conditions caused by the T 020 7344 6585 global pandemic. M 07949 108408 [email protected] • The existing car park benefits from reduced competition due to the loss of surrounding car parks, as well as its own Rob Beeching strong demand for long term lets to local businesses, car hire operators and food delivery businesses. T 020 7344 6736 M 07720 073241 • Well situated being on the boundary but outside the [email protected] congestion charge zone.

• The landlord break options provide opportunity in the future for either self-management of the car park, or alternative leasing options such as a management agreement, if preferred.

• The low capital value price of £190 psf offers potential for higher alternative use in the future, subject to planning.

Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party 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. No person employed or engaged by Colliers International and has any authority to make any representation or warranty whatsoever in relation to this property. Colliers International is the licensed trading name of Colliers International Central London UK LLP which is a limited liability partnership registered in England and Wales with registered number OC391630. Our registered office is at 50 George Street, London W1U 7GA. March 2021. S012885.

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