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Car Park Investment, 7-15 Newcastle Avenue, Worksop, S80 1EY

0.71 acres / Industrial / Investment

For Sale - £1,112,500.00

Available - Last updated: 16 May 2023

The car park has been recently developed to provide 87 spaces including 6 disabled spaces, and has the benefit of security lighting.

Location

Worksop is a market town in the Bassetlaw District of North Nottinghamshire. It has a population of approximately 42,000 persons and a retail catchment of in excess of £110,000. Nearby major towns include Nottingham (30 miles), Sheffield (19 miles), Chesterfield, Lincoln (36 miles) and Doncaster (16 miles), with other smaller market towns including Gainsborough, Mansfield and Retford located close by.

Originally main employment was provided by brewing, mining and textiles which have now been replaced and dominated by serviced industries, manufacturing and distribution. There are major complexes occupied by B&Q and the Head Office of Wilkinsons Hardware Stores. Other major employers include Premier Foods, Greencore and RDS Transport.

In recent years, like many other towns a substantial amount of residential development has been undertaken. There has been very little major out-of-town retailing allowed, but there are a number of major stores within the town centre conurbation, including a number of free-standing stores (retail warehousing).

Competing car parks are located at the Priory Centre to the north and the Queen Street Central Car Park, adjacent to the new Bus Station, immediately to the east of the junction of Bridge Place and Bridge Street. There are a number of other car parks elsewhere but these are of a more secondary nature.

This car park is situated on the southern side of Newcastle Avenue, close to its junction with Bridge Place and Bridge Street, the two prime retailing areas of the town centre. The car park is located directly opposite the Stagecoach Bus Station/Depot and a large office building which has been converted into Serviced Offices.

The surrounding properties are occupied for a mixture of retail and commercial uses including a Brewery opposite.

In summary, the car park is well located in terms of access to the main shopping throughfares of Bridge Street, Bridge Place and the Priory Shopping Centre.

In our opinion the car park is suitable for alternative uses such as retail warehousing or social housing, subject to Planning Consent.

Accommodation

Total Site Area - 0.289 hectares (0.715 acres).

Terms

Tenure - Freehold.

Lease - The site is let to Excel Parking Services Ltd (Co Reg No 02878122) for a term of 10 years 6 months from 8th December 2022 at an initial rent of £80,000 pa exc of rates, payable quarterly in advance by Bankers Order on the usual quarter days and subject to VAT.

The rent is subject to annual review linked to RPI, with a cap and collar on 1% and 3%. The first review will take place 18 months from completion and then annual reviews thereafter.

The Lease is subject to a Schedule of Condition. A copy of the Lease and Schedule of Condition are available upon request.

Rent Free Period - The first 6 months of the term is rent free. For the following 12 months the rent is discounted to £40,000 pa. The Vendors will make up the difference between the discounted rent and the full rental value for the period from completion until the full rent becomes payable.

Rental Evidence - The car park was let at a figure of £80,000 per annum, equating to a figure of £919.54 per space per annum, or alternatively £17.68 per week.

VAT - The property is elected for VAT and will be sold as a TOGC.

Covenant - Excel Car Parking Services are shown by Experian as at January 2023 to have a credit rating of:-

Risk Score: 100/100
Risk: Very Low Risk
Credit Limit: £320,000
Credit Rating: £110,000

The principal activity is the management of car parking facilities.

The latest company accounts filed for the year end 30th April 2022 show a profit before tax of £2,013,000, an increase of 840% on the previous year. The net assets have increased to £12,307,073. Copy accounts are available upon request.

Town Planning - Planning Consent was granted (Ref: 21/00161/FUL) on 1st April 2021, copy available upon request.

Price - Offers are sought at a figure of £1,112,500 net of purchasing costs at 6.58% to show an initial yield of 6.75%.

Specification

  • New lease to Excel Parking Services Limited (Co Reg No 02878122) for a term of 10 years and 6 months from 8th December 2022
  • Rent is reviewed annually to RPI with a cap and collar of 1% and 3%. First review 18 months after commencement of lease and annually thereafter
  • Offers invited at £1,112,500 to show an initial yield of 6.75% net of costs

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
  For Sale Freehold £1,112,500.00 NA

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Contact agents

Noel Roper

FHP Property Consultants

0115 882 1132



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