City Centre Car Park Investment and Development Opportunity.
The property comprises an 89 space surface car park situated on a site of approximately 0.60 acres (0.24 hectares). The car park is let to Excel Parking Services Limited (company number: 02878122) on a lease commencing 23rd November 2018 and expiring on 22nd November 2023 (4.9 years unexpired). There is a rolling Landlord break option from the 23rd November 2019 subject to serving 3 month prior written notice, conditional on the Landlord receiving planning consent for redevelopment. Should the local planning authority take enforcement action, preventing the permitted use of the property as a car park, there is a rolling Tenant break option from 31st August 2020 subject to serving 2 week prior written notice. The current passing rent is £115,000 per annum (£1,369 per space). Formed in 1994, Excel Parking Services provides car park management services to a wide variety of clients nationwide. Their partners and clients include institutional, corporate and private landlords as well as local authorities and NHS trusts. They have an annual turnover of approximately £14.5 million. Excel Parking Services Limited have a Dun and Bradstreet Rating of 3A 1, reflecting a minimum risk of business failure.
- Address: Excel Car Park , Copeland Street, Derby
- Size: 0.6 Acres
- Status: Under Offer
- Tenure: Freehold On Application
- Type: Land / Investment
- Property features
- Let to Excel Parking Services Ltd at a passing rent of £115,000 per annum on a lease expiring on the 22nd November 2023 (4.9 years unexpired).
- The 0.6 acre site occupies a key position directly adjoining the £100 million regeneration of Castleward area.
- Excel Parking Ltd have a 3A1 Dun & Bradstreet rating (minimum risk of business failure).
- Strategically located adjacent the Intu Shopping Centre forming a gateway between the city centre and Derby Railway Station.
- Historic planning consent for significant office-led scheme and suitable for a variety of other uses (subject to gaining necessary consents).
- Rarely available city centre investment.
- Reflecting an attractive net initial yield of 10.5% after purchasers costs of 5.79%.
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