NCP PORTLAND PLACE 6-7 WEYMOUTH MEWS MARYLEBONE, LONDON W1 PRIME CENTRAL LONDON CAR PARK INVESTMENT OPPORTUNITY SOLD INVESTMENT SUMMARY • Prime central London Car Park • A purchase at 6.0% NIY rises comprising a total of 30 spaces to a yield of 10.2% in year 19 • Site extending to approximately assuming 3% per annum RPI 5,482 sq ft (509.3 sq m) GIA • NCP Limited responsible for • Long leasehold with paying the head rent on behalf approximately 35.75 years of the long leaseholder remaining unexpired • Let to NCP Limited for a term PROPOSAL expiring May 2037 We are instructed to invite offers in • 2017/2018 rent totalled £46,692.88 the region of £740,000 subject to • Annual fixed RPI linked increases contract and exclusive of VAT. A sale collared and capped between price at this level reflects a capital 1.5%-5.0% value of £135 per sq ft GIA and a net initial yield of 6.0% (based on purchaser’s costs of 5.4%). SOLD L aude rda le R oad R A ND L OL A UE N N ue S VE ven E P AR A R H AND d A K rlan C A ERL HA he V R TH t N Su E SU ad O o M O N T A ge R P U D Lod ST G E N I E R A R D A R W M O A A I DA D Warwick Avenue O u V te A T r L Circle E EE T ON STR EE H S TR a D S r P e A E HAR ON w R T o NU RC P K E O od R MFIELD ROAD AM O W FR DA AV Av A I S BLO A D A t M a R e W n n I S u h C o T P e e p K M n e A ARY fo Little St V ld E Regent’s Park re Venice S L C t e ’S r I e S ar TER et SO t d t i e N ngt R Stre A y G e on C adl R E Bro O WESTWAY Glouce Street VE Marylebone reet d St mon Baker Street rum st Outer Circle D erPlace Regent’s Park J PADDINGTON Edgware Road U Madame Tussauds D ROAD D Warren STON S EU U T R MARYLEBONE ROAD PP Street E D M E E ROA Euston E G T D A P’S BRI UCH R BISHO Edgware Road R W Y Square L Great Portland O E T B Street B E O WE RE U St Mary’s Hospital T t N S York S treet York S R D N ST E E B PRA HI e O Paddington UCL Plac G ck UR S awford Street Padding o Cr t Devonshire Street PO ist e on v Street H Ta y NE m S RTLA BLOOMSBURY T o TE R u MARYLEBONE E R r Pl E R N A T D PL D NS ac C Weymouth Street Harley Street E ARDE e B G Russell X G A E A CE LO SS K SU ED ce ER a Square UCE G ngton Pl S Torri W Ma T G R SOAS AR S L New Cavendish Street REAT PORTLANDREAT G E TER E Road le E I ER O t N Goodge Street en T v St a W S r P C George Street r T ee OA E ER L Birkbeck Russell R A t D CE Wallace Collection STR GA Square E R E D T E Connaught Street Upper Berkeley Street T O N TREET S E S S S TT T G O R OD O E U E G M N T E HA on H T A Portman Sq WIGMORE STREET rd t M BAY MC dfo a SWATER ROAD Be g P Newman British u T e O W OUR Museum BA e S N YSW l t ATER l r ROAD s e e R ar Selfridges S TR Squ e O t r t e W S D Bond Street e John Lewis tre Marble Arch OXFO Oxford Circus t RD STREET e SOLD t reet sell St eat Rus LOCATION & SITUATION Gr O XFORD STREET The property is situated in Marylebone, within the London Borough of Westminster. N e Marylebone is amongst the most affluent areas of London’s West End, bounded by w New Oxford Street Bond Street t Tottenham Regent’s Park to the north, Fitzrovia to the east, Mayfair to the south and Paddington to gh Stree arlborou Court Road the west. An increasingly vibrant West End ‘village’, Marylebone is home to exclusive Great M rn boutiques, renowned restaurants and fashionable hotels. Notable occupiers in the area lbo D h Ho include J Crew, Paul Smith, Chiltern Firehouse and The Ivy Café. The area is a globally e Hig a RE recognised medical district with Harley Street located in the heart of Marylebone. n S GE t r The extensive array of high quality amenities compliments the location’s affluent et e tre NT e residential demographic and diverse office tenant profile. Notable office occupiers t S t ui CONNECTIVITY d S in the area include the BBC, Atrium and Publicis. n T o RE C SOHO Weymouth Street Car Park is situated on the west side of Weymouth Mews, which Weymouth Mews has excellent communications with the London Underground network being easily accessible fromET Oxford Circus intersects Weymouth Street to the north and New Cavendish Street to the south. (Bakerloo, Central and Victoria lines), Bond Street (Central, Jubilee and Piccadilly lines), Regent’s Park (Bakerloo line), Great Portland Street (Circle, Hammersmith & City and Metropolitan lines) and Warren Street (Northern and Victoria lines) stations, which are all within a E 10 minute walk of the car park. t E NU ee Y AV Str BUR Covent Crossrail (the Elizabeth line) is set for completion in 2018. Europe’s largest infrastructure project will provide a new high frequency, high r FTES rewe HA capacity rail link east to west servicing London and the South East with approximately 200 million passengers a year using the service. B S Garden C Crossrail will be accessible at Bind Street station, within 0.5 miles of Weymouth Mews. h r ai Leicester Square n Weymouth Mews itself is strategically located to provide quick and easy access to London’s West End via Portland Place/Regent Street g C S (A4201) and the City of London via Euston Road (A501), which in turn feed into the wider national motorway. t M r Covent Garden o s a s r R t Market i n’ o a s d L a n e DESCRIPTION The property is arranged as a car park at basement level only and comprises 30 car parking spaces. Vehicular and pedestrian access to the car park is from the east side of Weymouth Mews via a ramp and a staircase. ACCOMMODATION The property has been measured by in accordance with RICS Property Measurement (1st Edition) and provides approximately 5,482 sq ft (509.3 sq m) Gross Internal Areas (GIA): The site area has been calculated using Promap and totals approximately 0.23 acres (0.09 hectares). TENANCY Single let to National Car Park Limited on a fully repairing and insuring lease for a term of 34 years and 11 months expiring 28 May 2037 (approximately 19 years unexpired). The lease does not contain a break option and is Outside the 1954 Landlord & Tenant Act. The rent payable is currently £46,692.88 per annum. The rent is reviewed annually, with fixed RPI linked increases subject to a collar and cap of 1.5%-5.0%. The tenant has an option to renew the tenancy term equal to the length of the reversionary term (less 10 days) on the same terms at the rent then passing, but excluding a further option to renew. NCP Ltd’s lease cannot be assigned, which means NCP Ltd remains the tenant throughout the term. TENANT COVENANT SOLD 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). The joint venture (JV) purchased NCP Limited in July 2017 in a deal worth in excess of £300,000,000. In total Park24 will operate car parking spaces for approximately 1.2 million cars in over 19,000 sites across eight countries. DBJ is a Japanese Government-owned financial institution with a strong track record in infrastructure finance. Dun & Bradstreet report a 5A1 rating for NCP Limited, which represents a minimum risk of business failure based on a tangible net worth of £210,138,000 a turnover of £211,461,000 and profit of £24,793,000 for the year end March 2017. (assumingEstimated 3% per annum Rental RPI Growth linked uplifts) Year Y1 Y5 Rent (£pa) Yield: 32 22 20 Y10 £46,693 6.00% Y15 £52,553 6.74% WEYMOUTH STREET Y19 27.8m £60,924 7.81% £70,627 9.06% 1 9 6 6 0 0 a 7 4 £79,492 10.19% Statue 1 0 C 1 1 y c le 11a Portland Place School H i r 2 e 1 S t a t i o 14 n Long leasehold.