CHESTER NCP CAR PARK, BROWNS YARD, YORK STREET & BOLD PLACE, CHESTER CH1 3LY - Allsop
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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 Six Hundred and Twenty Thousand Pounds) which reflects a NIY
› Whilst some national covenants have not paid
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
NCP have paid purchaser’s costs of 6.52%.
› Prominent surface level car park providing
65 car parking spaces Based on the 3% annual increases the running yield will be as follows:
› 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
A580
M57
Bootle St.Helens M67
M60
LIVERPOOL M62
Birkenhead A49 Stockport
M56 A
A41 Runcorn MANCHESTER
LIVERPOOL
M53
A533
M56
Macclesfield
A550 Northwich A5
M6
A556
CHESTER A34
Middlewich A54
A49
HAWARDEN
A55 A523
A494
A55
Crewe
Nantwich A500
A534 A520
Wrexham
Newcastle-under-Lyme
Stoke-on-Tren
A483 A525
C
A495
A51 M6
Market
Ellesmere Drayton
››› 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 Airport 32.8 miles
Manchester 40.3 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 On the day of Prime Minister’s easing of lockdown measures traffic
than use public transport with only 1 in 5 happy to use on Autotrader peaked at more than 1m views, the highest since the
public transport in the future lockdown began in March
*Source Passenger Focus
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
DRIVER DEMAND
››› CONVENIENT ACCESS ››› CHESTER’S CULTURAL QUARTER
Located in the heart of Chester City Cultural hubs nearby include Chester Cathedral,
Centre being moments away from a 10 minute walk north, The Grosvenor Museum,
Grosvenor Shopping Centre and the a 13 minute walk south west as well as Grosvenor
prime pitch on Eastgate Street. Park which is a 7 minute walk to the south.
››› GROSVENOR ››› CHESTER EDUCATIONAL ››› CLOSE TO
SHOPPING CENTRE ESTABLISHMENTS CHESTER STATION
The Grosvenor Centre is situated a The University of Chester to the north Chester Station on City Road is a 10 minute walk
6 minute walk from the subject property is accessible within an 18 minute walk north east providing direct access to regular
in the heart of Chester City Centre. The / 12 minute bus journey or a 4 minute services to Birmingham International, Leeds,
centre comprises 250,000 sq ft of retail drive by car. Liverpool Lime Street and Manchester Airport.
accommodation within 70 units.
››› NCP COVENANT
NCP is the UK’s most recognised and longest standing private car park operator parking operator with over 1 million spaces in 19,000 sites across 8 countries. DBJ
having been founded in 1931. NCP operates car parking spaces across the UK at is a Japanese Government owned financial institution with a strong track record in
over 500 sites for approximately 150,000 cars, possessing a 30% market share. NCP infrastructure finance.
Limited is jointly owned by Park24 and the Development Bank of Japan (DBJ), both
investment grade rated businesses with substantial cash generation potential and Year Ending 31/03/2017 25/03/2016 27/03/2015
(£’000s) (£’000s) (£’000s)
cash/capital reserves relative to the NCP Group.
Turnover £211,461 £202,703 £198,736
The joint venture (JV) purchased NCP Limited in July 2017 for an indicative enterprise
value of £440 million. As part of the Acquisition 100% of the NCP Group’s external Pre Tax Profit £24,793 £28,001 £14,859
debt was repaid. Park24 is a listed Japanese company based in Tokyo, and is a major Net Worth £210,138 £186,896 £156,973
››› PROPOSAL
››› VAT Offers are sought in excess of £3,620,000 (Three Million
The property has been elected for VAT and it is anticipated that Six Hundred and Twenty Thousand Pounds) which reflects
the transaction will be treated as a TOGC.
a NIY of 5.00% subject to contract and exclusive of VAT,
››› ANTI-MONEY-LAUNDERING allowing for purchaser’s costs of 6.52%
A successful bidder will be required to provide information to Based on the 3% annual increases the running yield will be as
satisfy the AML requirements when Head of Terms are agreed.
follows:
››› DATAROOM Date Rent Running Yield
For access to the Allsop dataroom please use the following link:
June 2025 £223,502 5.75%
https://datarooms.allsop.co.uk/register/NCP-Chester
June 2030 £259,100 6.66%
June 2035 £300,368 7.73%
For further information or to make arrangements for viewing please contact:
Liam Stray Gergo Petrovics
07956 981575 07961 234029
liam.stray@allsop.co.uk gergo.petrovics@allsop.co.uk allsop.co.uk
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 09.20
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