Bournemouth Bh2 6Ej
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NCP BOURNEMOUTH BH2 6EJ LONG INCOME CAR PARK INVESTMENT LET TO THE 5A1 COVENANT NCP LIMITED FOR A FURTHER 18.2 YEARS. NCP THE SQUARE RICHMOND HILL BOURNEMOUTH BH2 6EJ ENTRANCE EXIT INVESTMENT CONSIDERATIONS PROPOSAL Prime multi-storey car park located in the very heart of the Large strategic town centre investment providing 236 parking Offers sought in excess of £5,540,000 (Five Million Five popular and affluentcoastal town of Bournemouth spaces arranged over 8 levels with a site area of Hundred and Forty Thousand Pounds) subject to contract Let to the strong covenant of National Car Parks (NCP) approximately 0.48 acres (0.19 Hectares) and exclusive of VAT. This reflects anet initial yield of Limited (5A1) for an unexpired term of 18.2 years Virtual Freehold 5.25%, after allowing for purchaser’s costs of 6.63%. Situated adjacent to Bournemouth’s principle retail and Direct Town Centre access from Bournemouth’s main arterial leisure offerings, a short ten minute walk to Bournemouth’s road the A338 beach and pier Based on a purchase at asking terms the property has a very Topped up rent passing of £310,065 pa subject to RPI low capital value of £82.15 psf annual increases (1.5%-5% collar and cap) NCP THE SQUARE RICHMOND HILL BOURNEMOUTH BH2 6EJ LONG INCOME CAR PARK INVESTMENT LET TO THE 5A1 COVENANT NCP FOR A FURTHER 18.2 YEARS A338 BOURNEMOUTH BROMPTON LIBRARY COURT BOURNEMOUTH TOWN HALL SITE AREA: 0.48 Acres (0.19 Hectares) LEVELS: 8 TOTAL SQ FT: 67,436 BOURNEMOUTH CENTRAL GARDENS NATIONWIDE OFFICES THE SQUARE THE BOURNEMOUTH ORATORY BOURNEMOUTH BH2 LOWER GARDENS ST PETER’S CHURCH BOURNEMOUTH BOURNEMOUTH BOURNEMOUTH INTERNATIONAL CENTRE BEACH & PIER PAVILION THEATRE 0.1 MILES SOUTH ▼ 0.2 MILES SOUTH ▼ 0.1 MILES SOUTH ▼ Outline for indicative purposes only. BASINGSTOKE A350 A36 A338 NCP THE SQUARE RICHMOND HILL BOURNEMOUTH BH2 6EJ LONG INCOME CAR PARK INVESTMENT LET TO THE 5A1 COVENANTA34 NCP FOR A FURTHER 18.2 YEARS ANDOVER M3 A361 A36 A303 A303 A34 A36 A338 A37 A31 SALISBURY WINCHESTER A303 A36 M3 A350 A3 A338 YEOVIL A354 M27 M271 A33 SOUTHAMPTON ( ) M27 A3 M LYNDHURST A37 A31 A27 A350 NEW FOREST NATIONAL PARK A338 PORTSMOUTH A354 A31 A348 A35 CHRISTCHURCH CENTRAL GARDENS A35 DONCASTER POOLE BOURNEMOUTH ISLE OF WIGHT A354 SWANAGE WEYMOUTH 21.9m The Norfolk Royale Hotel L L I H D N 1 O to 1 6 M 1 1 H 4 1 2 C 4 to I 5 1 3 R 1 t 8 t o o 4 H 6 9 am 2 M p 1 s hi to re M C 6 o u rt H 0 a 4 m H p Club 4 o s 1 u h 5 s ire 1 to e E 8 t 4 l 3 o 3 S 5 u 3 b S ta Multistorey Car Park S to n 3 e 5 to B 3 7 O 8 U 2 The R N B Sacred Heart E o 1 u A C r to RC Church V o n 2 E u e 0 N 23 to rt U E 27 15.8m 2 Shelter 2 FB 1 LOWER GARDENS 3 6 1 & 1 1 4 9 1 t t 4 o s 2 1 e 1 W & e 2 l s T 1 u o h t o 22 TCB & s 0m e 10m 20m 30m H B 0 Bri o 1 Posts u © Crown Copyright, ES 100004106. For identification purposes only. P rn Weir O Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:806 LOCATION The attractive and prosperous town of Bournemouth is a major commercial and tourist destination located on the South Coast of England. The town, together with Poole and Christchurch, form the Dorset conurbation and is one of the largest and most affluent conurbations along the South Coast. Bournemouth is located approximately 100 miles (160 km) south west of London, 50 miles (80 km) west of Portsmouth, 30 miles (48 km) west of Southampton, 40 miles (64 km) south west of Winchester and 6 miles (9.6 km) east of Poole. Bournemouth benefits from excellent transport communications being situated on the A348 which links with the A31 and then Junction 1 of the M27 Motorway. The M27 connects Bournemouth to Southampton and Portsmouth to the east as well as London and the National Motorway network (via the M25) to the north. Bournemouth is also well connected to the west via the A35, one of the main arterial routes along the South Coast, linking Southampton to the east with Exeter and the M5 to the west. Bournemouth train station is located within the city centre, a five minute drive from the subject property, providing direct rail services into London Waterloo with a fastest journey time of approximately 1 hour 50 minutes. Regular train services run to Poole and Weymouth. Bournemouth International Airport is located approximately 4 miles north of the town centre while Southampton International Airport is located approximately 33 miles (53 km) to the north east. NCP THE SQUARE RICHMOND HILL BOURNEMOUTH BH2 6EJ LONG INCOME CAR PARK INVESTMENT LET TO THE 5A1 COVENANT NCP FOR A FURTHER 18.2 YEARS SITUATION The property is located in the heart of Bournemouth on the west side of Richmond Hill, adjacent to the town’s principle public square, ‘The Square’. Richmond Hill benefits from excellent accessibility connected to the town’s main arterial road the A338, providing direct access to the Town Centre. Bournemouth’s picturesque Central Gardens and Lower Gardens are located just south of the subject property. The property is situated a short 10 minute walk to Bournemouth’s beach front and pier, and provides easy access to the town’s two principle theatres The Pavilion and The International Centre. Richmond Hill, and the immediate surrounding area, are a popular leisure and retail location with The Odeon Cinema located in close proximity, alongside a number of national and independent occupiers including Debenhams, Sports Direct, Zizzi, New Look, Slug & Lettuce and Pizza Express. DESCRIPTION The property is arranged as a multi-storey car park over ground and seven upper levels (including two levels of rooftop parking). The car park is situated behind the predominately leisure and retail frontage of Richmond Hill with access to the car park from the west side of the street. The entrance to the car park is accessed via ground floor level whilst the car park’s point of exit is on level 2 alongside the car park’s staff accommodation. The stairwell is located at the right of the northern end of the property, which incorporates two lifts. The property provides a total of 236 car parking spaces and an approximate site area of 0.48 acres (0.19 Ha). The total floor area is shown in the accommodation schedule below. ACCOMMODATION (GIA) Level Sq M* Sq Ft* Ground 640 6,889 1 911 9,806 1A 74 0 7,96 5 2 894 9,623 2A 742 7,987 3 905 9, 741 3A 619 6,663 4 814 8,762 Total 6,265 67,436 *Measurements are approximate and for indication only – not to be fully relied upon. Any interested party should carry out their own measured survey. NCP THE SQUARE RICHMOND HILL BOURNEMOUTH BH2 6EJ LONG INCOME CAR PARK INVESTMENT LET TO THE 5A1 COVENANT NCP FOR A FURTHER 18.2 YEARS DRIVER DEMAND HEART OF BOURNEMOUTH’S CONVENIENT BOURNEMOUTH BOURNEMOUTH PRIME RETAIL LOCATION ACCESS BEACH Conveniently located in the Situated in Bournemouth’s The car park has direct Town Bournemouth’s seven miles of sandy very centre of Bournemouth, primary retail location alongside Centre access from Bournemouth’s beach and pier is a short 10 minute adjacent to the ‘The Square’ and a number of national multiples main arterial road the A338, walk from the subject property and is Bournemouth’s central Gardens. and independent retailers. offering convenient central access. the Town’s most popular attraction. RESTAURANT HOT SPOT CINEMA & THEATRE LOCAL TOURISM CAR OWNERSHIP The car park is adjacent to Zizzi, The state of the art Odeon BH2 Bournemouth attracts 5.8 million The level of car ownership in Slug & Lettuce and Pizza Express with Cinema Complex is located across day visitors per year, many of Bournemouth is significantly above a number of independent restaurants The Square and Bournemouth’s those arriving by car. There is average with a particularly high and cafes in close proximity. Pavilion Theatre and International almost no parking near the proportion of 2 car households. Centre are a short walk to the south. beach itself. DEMOGRAPHICS Bournemouth has a residential population of 187,503 and a The town is an important destination for tourists with an estimated firms including Standard Life and JP Morgan Chase. The service sector primary shopping catchment of 172,000, ranking the town 46th 1.06 million staying visitors and 5.82 million day visitors each accounts for approximately 80% of total employment in Bournemouth, of the PROMIS Centres. Bournemouth is an affluent town with an year. The South West Research Company reported in 2015 staying of which financial and business services accounts for approximately above average proportion of adults of working age categorised visitors spend approximately £287m. 28%. Bournemouth is also home to two universities, Bournemouth within the most affluent AB social group, with high levels of Bournemouth is a major conference venue and also plays an University and Arts University Bournemouth, and has a growing employment, car and house ownership. important role as a back office location for a number of international student population in excess of 17,000 students.