NCP PORTLAND PLACE

6-7 WEYMOUTH MEWSMARYLEBONE, LONDON W1

PRIME CENTRAL LONDON CAR PARK INVESTMENT OPPORTUNITY

INVESTMENT SUMMARY• Prime central London Car Park

comprising a total of 30 spaces• Site extending to approximately

5,482 sq ft (509.3 sq m) GIA• Long leasehold with

approximately 35.75 years remaining unexpired

• Let to NCP Limited for a term expiring May 2037

• 2017/2018 rent totalled £46,692.88• Annual fixed RPI linked increases

collared and capped between 1.5%-5.0%

• A purchase at 6.0% NIY rises to a yield of 10.2% in year 19 assuming 3% per annum RPI

• NCP Limited responsible for paying the head rent on behalf of the long leaseholder

PROPOSALWe are instructed to invite offers in the region of £740,000 subject to contract and exclusive of VAT. A sale price at this level reflects a capital value of £135 per sq ft GIA and a net initial yield of 6.0% (based on purchaser’s costs of 5.4%).

LOCATION & SITUATIONThe property is situated in Marylebone, within the London Borough of Westminster. Marylebone is amongst the most affluent areas of London’s West End, bounded by Regent’s Park to the north, Fitzrovia to the east, Mayfair to the south and Paddington to the west. An increasingly vibrant West End ‘village’, Marylebone is home to exclusive boutiques, renowned restaurants and fashionable hotels. Notable occupiers in the area include J Crew, Paul Smith, Chiltern Firehouse and The Ivy Café. The area is a globally recognised medical district with Harley Street located in the heart of Marylebone.

The extensive array of high quality amenities compliments the location’s affluent residential demographic and diverse office tenant profile. Notable office occupiers in the area include the BBC, Atrium and Publicis.

Weymouth Street Car Park is situated on the west side of Weymouth Mews, which intersects Weymouth Street to the north and New Cavendish Street to the south.

CONNECTIVITYWeymouth Mews has excellent communications with the London Underground network being easily accessible from Oxford Circus (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 10 minute walk of the car park.

Crossrail (the Elizabeth line) is set for completion in 2018. Europe’s largest infrastructure project will provide a new high frequency, high capacity rail link east to west servicing London and the South East with approximately 200 million passengers a year using the service. Crossrail will be accessible at Bind Street station, within 0.5 miles of Weymouth Mews.

Weymouth Mews itself is strategically located to provide quick and easy access to London’s West End via Portland Place/Regent Street (A4201) and the City of London via Euston Road (A501), which in turn feed into the wider national motorway.

S O H O

PA D D I N G T O N M A R Y L E B O N E

B L O O M S B U R Y

Edgware Road

Edgware Road

Baker Street

Marylebone

Goodge Street

Regent’s Park

Great PortlandStreet

WarrenStreet

EustonSquare

RussellSquare

Paddington

Marble Arch

Bond Street

TottenhamCourt RoadOxford Circus

CoventGarden

Warwick Avenue

Leicester Square

Chra

ing C

ross Ro

ad

St Ma

rtin’s Lane

New Bond Street

Con

duit S

treet

Great Marlborough Street

Craven R

oadConnaught Street

Seymour Pla

ce

Portman SqUpper Berkeley Street

George Street

Paddington StreetYork St

Gloucester Pla

ce

Devonshire Street

Weymouth Street

New Cavendish Street

Dean Street

Brewer S

treet

New

man Street

Wells Street New Oxford Street

Great Russell Street

Montague StreetBe

dford

Square

Torrington Place

Malet Street

Tavistock P

lace

High Holborn

Sutherland Ave

nue

Lauderdale Road

Stanho

pe

Stree

t

Drummond Str

eet

Cardington Street

Lodge Road

Penfold Street

Broadley S

treet

Harewood Avenue

Outer Circle

Outer Circle

Crawford StreetYork Street

Harley Street

EDGWARE ROAD

MAIDA VALE

WESTWAY

MARYLEBONE ROADH

AMPSTEAD

ROAD

EUSTON ROAD

LISSON GROVE

JUDD STREET

SOUTHAM

PTON RO

W

UPPER WO

BURN

GO

WER STREET

TOTTENHAM

CO

URT RD

GOODGE STREET

GREAT PO

RTLAND

STREET

PORTLAN

D PLAC

E

PARK ROAD

WIGMORE STREET

OXFORD STREET

MARYLEBO

NE H

IGH

STREET

BAKER STREET

GLO

UCESTER PLAC

E

OXFORD STREET

REGENT STREET SH

AFTESBURY A

VENUE

PRAED

STRE

ET

SUSS

EX G

ARDEN

S

BAYSWATER ROAD

BAYSWATER ROAD

BISHOP’S BRIDGE ROAD

WESTBOURNE TERRACE

RANDOLPH AVENUE

LANARK ROAD

SUTHER

LAND AVEN

UE

WAR

RIN

GTO

N C

RES

WARWICK AVE

BLOMFIE

LD RO

AD

MAIDA AVEN

UE

ORC

HARD

SON

STRE

ET

FRAM

PTO

N ST

REET

ST MARY’S TERRACE

LEINSTER G

ARDEN

S

LittleVenice

Regent ’s Park

RussellSquare

BritishMuseum

UCH

SOAS

Birkbeck

St Mary’s Hospital Wallace Collection

Selfridges

John Lewis

Covent GardenMarket

Madame Tussauds

UCL

DESCRIPTIONThe 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.

ACCOMMODATIONThe 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).

TENANCYSingle 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 COVENANTNCP 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.

CR

Ward Bdy

27.8m

27.8m

27.7m

LB

Statue

LB

Cycle

Hire

Sta

tion

MA

NS

FIE

LD

ME

WS

WEYMOUTH MEWS

NEW CAVENDISH STREET

PO

RT

LA

ND

PLA

CE

WEYMOUTH STREET

DUCHESS STREET

DU

CH

ES

S M

EW

S

College

11a

23

14

47

41

37

17

11

15

35

10

78

46

58

32

67

22

of

Royal

76

12

33

42

16

69

20

17

PH

7

60a

22

27

43

19

40

65

13

34

32

35

15

Midwives

18 to 2

0

17

47

1

28

71

82

13

60

7

38

22

23

59

52

6

Portland Place School

60

Research

Facility

Shelter

50

0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2018. All rights reserved.

Licence number 100022432. Plotted Scale - 1:999

This drawing is the property of the Colman Partnership Ltd. and Copyright is reserved by them.

TENURELong leasehold. The property is held for a term of 99 years (less one day) from and including 6 January 1955, expiring

4 January 2054 at a rent of £500 per annum

USEThe premises may be used as a car park.

PLANNINGThe property is located in the London Borough of Westminster City

Council, within the Harley Street Conversation Area.

Year Rent (£pa) Yield:

Y1 £46,693 6.00%

Y5 £52,553 6.74%

Y10 £60,924 7.81%

Y15 £70,627 9.06%

Y19 £79,492 10.19%

Estimated Rental Growth (assuming 3% per annum RPI linked uplifts)

VATThe property is registered for VAT. It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC).

DATA ROOMPlease contact Allsop for password protected access to the Data Room.

PROPOSALWe are instructed to invite offers in the region of £740,000 subject to contract and exclusive of VAT. A sale price at this level reflects a capital value of £135 per sq ft GIA and a net initial yield of 6.0% (based on purchaser’s costs of 5.4%).

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 04.18

For further information please contact:

www.allsop.co.uk

Chloe Newton020 7543 6886chloe.newton@allsop.co.uk

Mark Ibbotson020 7543 6879mark.ibbotson@allsop.co.uk