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CHESTER NCP CAR PARK, BROWNS YARD, YORK STREET & BOLD PLACE, CHESTER CH1 3LY PROMINENT SURFACE LEVEL CAR PARK LOCATED IN THE HEART OF CHESTER CITY CENTRE WITH MINIMAL FIXED UPLIFTS AND RPI LINKED REVIEWS LET TO NCP FOR A FURTHER 16.5 YEARS PROMINENT SURFACE LEVEL CAR PARK LOCATED IN THE HEART OF CHESTER CITY CENTRE CHESTER NCP CAR PARK, BROWNS YARD, YORK STREET & BOLD PLACE, CH1 3LY WITH MINIMAL FIXED UPLIFTS AND RPI LINKED REVIEWS LET TO NCP FOR A FURTHER 16.5 YEARS ››› INVESTMENT CONSIDERATIONS ››› PROPOSAL › Located in the heart of Chester City Centre moments › The site extends to 0.51 acres / 0.21 hectares › Offers are sought in excess of£3,620,000 (Three Million away from the prime retailing pitch on Eastgate › Whilst some national covenants have not paid Six Hundred and Twenty Thousand Pounds) which reflects aNIY Street and The Grosvenor Shopping Centre their rent during the COVID Lockdown period of 5.00% subject to contract and exclusive of VAT, allowing for purchaser’s costs of 6.52%. › Prominent surface level car park providing NCP have paid Based on the 3% annual increases the running yield will be as follows: 65 car parking spaces › Strong future development potential, subject to › Let to the strong covenant of National Car Parks vacant possession and the necessary consents Date Rent Running Yield (NCP) Limited for an unexpired term of 16.5 years › Freehold June 2025 £223,502 5.75% June 2030 £259,100 6.66% › Rent passing of £192,795 pa subject to annual rent reviews, 50% of which is fixed 3% uplifts and 50% June 2035 £300,368 7.73% linked to RPI (Cap 5% and Collar 1.5%) PROMINENT SURFACE LEVEL CAR PARK LOCATED IN THE HEART OF CHESTER CITY CENTRE CHESTER NCP CAR PARK, BROWNS YARD, YORK STREET & BOLD PLACE, CH1 3LY WITH MINIMAL FIXED UPLIFTS AND RPI LINKED REVIEWS LET TO NCP FOR A FURTHER 16.5 YEARS Formby A59 Wigan M61 Oldham M58 M62 M60 A565 MANCHESTER A628 A580 M57 Bootle St.Helens M67 M60 LIVERPOOL M62 k Birkenhead A49 Stockport r a P M56 A6 A41 Runcorn l MANCHESTER a n LIVERPOOL M53 o A533 i M56 t Macclesfield a A550 Buxton Northwich N A54 M6 t A556 c i r CHESTER A34 t Middlewich s A49 A54 i HAWARDEN A53 D A55 A523 A494 k a e A55 P Crewe Nantwich A500 Wrexham A534 A520 Newcastle-under-Lyme Stoke-on-Trent A523 A483 A525 Cheadle A51 M6 A495 A50 Market Ellesmere Drayton Uttoxeter ››› LOCATION The Cathedral City of Chester is one of the premier Rail links are also strong with direct services to ROAD AIR retailing destinations within the UK and is a popular Liverpool (48mins), Manchester (1h 1mins) and tourist centre. The City is the administrative centre of London Euston (2h 4mins). Wrexham 13.4 miles Liverpool John 24 miles Cheshire and is situated in the north west of England Chester is within close proximity of two international Liverpool 19.2 miles Lennon Airport approximately 19.2 miles (31 km) south of Liverpool, airports to include Manchester International Airport Manchester 40.3 miles Manchester Airport 32.8 miles 13.4 miles (21 km) east of Wrexham and 40.3 miles and Liverpool John Lennon Airport. Both airports (64 km) south west of Manchester. Chester benefits operate domestic and international flights. from excellent communications and is a hub for major road networks including the M56 motorway RAIL towards Manchester and the M53 motorway towards Liverpool. The M56 in turn links to the M6, the major Liverpool Station 48 mins arterial route along the west coast of England. Manchester Station 61 mins London Euston 124 mins PROMINENT SURFACE LEVEL CAR PARK LOCATED IN THE HEART OF CHESTER CITY CENTRE CHESTER NCP CAR PARK, BROWNS YARD, YORK STREET & BOLD PLACE, CH1 3LY WITH MINIMAL FIXED UPLIFTS AND RPI LINKED REVIEWS LET TO NCP FOR A FURTHER 16.5 YEARS © Crown Copyright, ES 100004106. For identification purposes only. ››› SITUATION ››› SITE AREA The property is situated on the eastern side of the City Centre just north nearby is excellent with Tesco, Waitrose and Marks and Spencer’s all The total site area is 0.51 acres / 0.21 hectares. of the River Dee and adjacent to Birkenhead. The A51, which connects accessible in under 10 minutes. to the M53 motorway towards Liverpool to the north, is easily accessed Cultural hubs nearby include Chester Cathedral, a 10 minute walk north, being located immediately adjacent the subject property. The retail core The Grosvenor Museum, a 13 minute walk south west as well as Grosvenor is a 2 minute walk east along Eastgate Street connecting to Northgate Park which is a 7 minute walk to the south. The University of Chester to the Street, Bridge Street and Watergate Street. The 250,000 sq ft Grosvenor north is accessible within an 18 minute walk / 12 minute bus journey or a Shopping Centre is situated a 7 minute walk west with tenants such as 4 minute drive by car. Hugo Boss, Build-a-Bear, L.K.Bennett and H&M. The 91,000 sq ft Forum Chester Station on City Road is a 10 minutes walk north east providing Shopping Centre is also situated some 10 minutes to the west with tenants direct access to regular services to Birmingham International, Leeds, including Boots, Iceland, O2 and Specsavers. Nearby food retail provision Liverpool Lime Street and Manchester Airport. PROMINENT SURFACE LEVEL CAR PARK LOCATED IN THE HEART OF CHESTER CITY CENTRE CHESTER NCP CAR PARK, BROWNS YARD, YORK STREET & BOLD PLACE, CH1 3LY WITH MINIMAL FIXED UPLIFTS AND RPI LINKED REVIEWS LET TO NCP FOR A FURTHER 16.5 YEARS ››› DESCRIPTION ››› TENANCY ››› ALTERNATIVE USE The property comprises a broadly The property is let in its entirety to National Car Parks Limited on a The property offers strong alternative use potential to residential rectangular shaped surface level car full repairing and insuring lease for a term of 34 years and 11 months due to the wealth of amenities nearby and proximity to the park accessible from Bold Place. The (no breaks) from 29th June 2002 to and including 28th May 2037. City Centre (subject to the necessary consents). The Chester surrounding area is mixed use with The current passing rent is £192,794.72 p.a, reflecting £2,966 per space. Growth Partnership has unveiled long term plans for the Central terraced houses to the north and a The lease benefits from fixed rental increases, occurring annually on Business Quarter situated a 10 minutes walk to the north east garage to the rear. In total the car 29th June, subject to the following split review pattern, apportioned of the subject property. The proposals include 200 new homes park provides 65 car parking spaces. on a 50:50 basis: including 100 canal side apartments, 500,000 sq ft of office • 50% of the preceding rent benefits from 3% fixed increases occurring space, a hotel, restaurants and leisure facilities. One City Place, ››› TENURE annually on 29th June. next to Chester Railway Station, was unveiled in 2016 as the first of seven office blocks that will form the 500,000 sq ft business Freehold. • 50% of the preceding rent benefits from annual Retail Price Index quarter scheduled to complete by 2028. The six-storey 70,000 linked rent reviews, with a collar of 1.5% and a cap of 5%. sq ft building was sold to Hermes Investment Management by The tenant has an option to renew the tenancy for a further 20 years on developers Muse for a reported £17.5m. identical terms, at the rent then passing. The lease is contracted outside the 1954 Landlord & Tenant Act. PROMINENT SURFACE LEVEL CAR PARK LOCATED IN THE HEART OF CHESTER CITY CENTRE CHESTER NCP CAR PARK, BROWNS YARD, YORK STREET & BOLD PLACE, CH1 3LY WITH MINIMAL FIXED UPLIFTS AND RPI LINKED REVIEWS LET TO NCP FOR A FURTHER 16.5 YEARS ››› DEMOGRAPHICS The total population within the Chester Primary Retail Market Area is estimated at 323,000 at the end of 2019. PMA estimates the Consumer Base of Chester to be 218,000, ranking the city 43 of the PROMIS centres. Chester is projected to see growth in population within its Retail Market Area over the period 2020-2024. The age profile of the Chester Primary Retail Market Area includes a particularly high proportion of the retired aged 65 and over; older working age adults aged 45-64 are also over-represented. The level of car ownership in Chester is significantly above average with a particularly high proportion of 2 car households. Car ownership increased at significantly below the average for the PROMIS centres between 2001 and 2011, in terms of both total car ownership and multiple car ownership. PROMINENT SURFACE LEVEL CAR PARK LOCATED IN THE HEART OF CHESTER CITY CENTRE CHESTER NCP CAR PARK, BROWNS YARD, YORK STREET & BOLD PLACE, CH1 3LY WITH MINIMAL FIXED UPLIFTS AND RPI LINKED REVIEWS LET TO NCP FOR A FURTHER 16.5 YEARS ››› POST COVID CAR USE* Transport usage by type (index comparing usage to pre-Covid periods) 120 100 80 60 Increase in Car use compared 40 to Public Transport 20 Public transport use has remained very low whereas - vehicle use has returned to c.80% of pre-Covid levels 9-Mar 29-Mar 18-Apr 8-May 28-May 17-Jun Vehicles Rail Bus (exc. London) Government Guidance to use cars Can social distancing be observed outside of a car? The Government has stated that all other forms of 92% of respondents don’t think social distancing on public transport will transport should be considered over public transport and be feasible and will continue to stay away from public transport unless has implemented a number of driver friendly measures to social distancing is in place encourage car use during Covid The public want to drive Public interest in purchasing cars has spiked 46% of respondents said say they are more likely to drive