NCP CRAWFORD STREET 43A CRAWFORD STREET, MARYLEBONE, LONDON W1 FREEHOLD PRIME CENTRAL LONDON CAR PARK WITH DEVELOPMENT AND ALTERNATIVE USE POTENTIAL

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1 NCP CRAWFORD STREET 43A CRAWFORD STREET, MARYLEBONE, LONDON W1 FREEHOLD PRIME CENTRAL LONDON CAR PARK WITH DEVELOPMENT AND ALTERNATIVE USE POTENTIAL

2 NCP CRAWFORD STREET 43A CRAWFORD STREET, MARYLEBONE, LONDON W1 INVESTMENT SUMMARY Freehold Prime location in affluent Marylebone in the heart of London s West End, surrounded by high value residential Car Park extends to approximately 10,800 sq ft (1,000 sq m) GIA over lower ground, comprising 52 spaces Let to NCP Limited (5A1 D&B Rating) for a term expiring May 2037, at 1 per annum for the remainder of the term Landlord development break option on 20 working days notice prior to 31st December 2020 Potential for alternative use including residential, storage, private supercar storage and leisure (subject to necessary consents) Offers are invited in excess of 2,500,000 subject to contract and exclusive of VAT for the Freehold interest. A sale price at this level reflects a capital value of 231 per sq ft GIA.

3 NCP CRAWFORD STREET PRIME CENTRAL LONDON CAR PARK WITH DEVELOPMENT AND ALTERNATIVE USE POTENTIAL REGENTS PARK BAKER STREET STATION BT TOWER DORSET SQUARE MARYLEBONE STATION THE SHARD LANDMARK HOTEL OXFORD CIRCUS STATION THE LONDON EYE BOND STREET STATION SUBJECT PROPERTY ST JAMES S PARK GREEN PARK HYDE PARK THE CITY NEW OXFORD STREET COVENT GARDEN SOHO ST JAMES S FITZROVIA OXFORD STREET MAYFAIR MARYLEBONE HIGH STREET MARYLEBONE BAKER STREET CRAWFORD STREET SEYMOUR PLACE MARYLEBONE ROAD

4 MAIDA VALE ORCHARDSON STREET FRAMPTON STREET Harewood Avenue NCP CRAWFORD STREET PRIME CENTRAL LONDON CAR PARK WITH DEVELOPMENT AND ALTERNATIVE USE POTENTIAL Outer Circle WESTWAY LOCATION & SITUATION The property is situated in Marylebone, in the London Borough of Westminster. Marylebone is an affluent location in 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. Marylebone is one of the most vibrant West End villages home to exclusive boutiques, renowned restaurants and fashionable hotels. Notable occupiers include J Crew, Paul Smith, Chiltern Firehouse and The Ivy Café. St Mary s Hospital The extensive array of high quality amenities complements the location s affluent residential demographic and diverse office tenant profile. Notable office occupiers include BNP Paribas, British Land and Galliford Try. Crawford Street Car Park is situated below Tarrant Place, a residential development of 11 houses and apartments, on the north side of Crawford Street. Penfold Street Broadley Street Edgware Road PRAED STREET SUSSEX GARDENS Edgware Road LISSON GROVE BAYSWATER ROAD Connaught Street Marylebone MARYLEBONE ROAD EDGWARE ROAD Seymour Place York Street Gloucester Place Crawford Street George Street York St Upper Berkeley Street Baker Street Paddington Street MARYLEBONE GLOUCESTER PLACE BAKER STREET Portman Sq Madame Tussauds Selfridges CONNECTIVITY MARYLEBON E HIGH STREET OXFORD STREET Wallace Collection Devonshire Street Bond Street Weymouth Street New Cavendish Street WIGMORE STREET Marylebone has excellent communications being easily accessible from Marylebone (Bakerloo line), Baker Street (Bakerloo, Hammersmith & City, Circle, Metropolitan and Jubilee lines), Edgware Road (Bakerloo, District, Circle and Hammersmith & City lines) and Paddington (Bakerloo, Hammersmith & City, Circle and District Lines) Underground stations, which are all within a 10 minute walk of the car park. Marylebone station also provides national rail services to the Home Counties and the Midlands. Paddington station offers rail services to the west and south west including direct access to Heathrow Airport in 15 minutes via the Heathrow Express. Crawford Street is strategically located to provide quick and easy access to London s West End and the City of London via Marylebone Road (A501), which feeds to the wider national road network becoming the A40 / M40. New

5 NCP CRAWFORD STREET PRIME CENTRAL LONDON CAR PARK WITH DEVELOPMENT AND ALTERNATIVE USE POTENTIAL DESCRIPTION The property comprises a car park arranged over lower ground floor level only, totaling 52 parking spaces. Vehicular and pedestrian access is from Crawford Street. The above 11 residential units, known at Tarrant Place, has been under-let. ACCOMMODATION The property has been measured in accordance with the RICS Property Measurement (1st Edition) and provides an approximate Gross Internal Area (GIA) of 10,800 sq ft (1,000 sq m) on the lower ground floor only. The site area (calculated using Promap) totals approximately 0.33 acres. TENURE Freehold. OCCUPATIONAL LEASE - NCP LTD Car park is single let to National Car Park Limited on a fully repairing and insuring lease for a term of 34 years and 11 months expiring 28th May 2037 (approximately years unexpired), with no break and Outside the 1954 Landlord & Tenant Act. The rent payable is 1 per annum for the remainder of the term, in practice nil rent is charged. The tenant has a call option to renew the tenancy for a further 20 years 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. LANDLORD DEVELOPMENT BREAK OPTION The Landlord has an option to call for a surrender of the NCP Ltd lease by serving notice on the Tenant at any time prior to 31 December 2020 if the Landlord has a settled intention to redevelop the Property. The surrender is to take place 20 working days after the date of receipt of notice by the Tenant. TENANT COVENANT NCP is the UK s most recognised and longest standing private car park operator being founded in 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), both investment grade rated businesses with substantial cash generation potential and cash/capital reserves relative to the NCP Group. The joint venture (JV) purchased NCP Limited in July 2017 for an indicative UNDERLEASES enterprise value of 440 million. As part of the Acquisition 100% of the NCP Group s external debt was repaid. Park24 is a listed Japanese company based in Tokyo, and is a major parking operator with over 1 million spaces in 19,000 sites across 8 countries. DBJ is a Japanese Government owned financial institution with a strong track record in infrastructure finance. A post-acquisition risk evaluation conducted by Dun & Bradstreet rated NCP 5A 1, the highest available rating, highlighting the marked improvement in credit quality following the acquisition. The head underlease for the 11 residential units is to Tarrant Place Management Company Limited for a term of 125 years from 25 March 1989, at a peppercorn. The 11 units have been subsequently been individually under-let as per the table below. One of the these interests has recently applied for a 90 year lease extension and there is potential value in these reversions. We understand the most recent sales transaction is 2 Tarrant Place (a 3-bed mews-style house) sold in January 2017 for 2,220,000, which reflects 1,947 psf. PROPERTY TENANT TERM 1 Tarrant Place Susan Ann Meadowcroft 125 years less 10 days from 25 March Tarrant Place Jonathan Stanley Hill and Cindy Leueen Weight 125 years (less 10 days) from 25 March Tarrant Place Theodoros Kyriacou 125 years (less 10 days) from 25 March 1989 Application for lease extension received. 4 Tarrant Place Zulmira Das Neves Calha Ramos Plewman 215 years (less 10 days) from 25 March Tarrant Place Mathias Phillipe Berenger and Christine Harris Berenger 125 years (less 10 days) from 25 March Tarrant Place George Kikizas, Konstantina Alexandra Kikizas and Maria Kikizas 125 years (less 10 days) from 25 March Tarrant Place Judy Mary Butterfield 125 years (less 10 days) from 25 March Tarrant Place La Manche Investments Limited (incorporated in Guernsey) 125 years (less 10 days) from 25 March b Wyndham Place Benjamin Lloyd Sharp 125 years (less 10 days) from 25 March c Wyndham Place Dusan Magic, Paul Muller and David Robert Shorter 125 years (less 10 days) from 25 March Tarrant Place Oliver Edward Guy Rapport and Matthew Adam Rapport 125 years (less 10 days) from 25 March 1989

6 NCP CRAWFORD STREET PRIME CENTRAL LONDON CAR PARK WITH DEVELOPMENT AND ALTERNATIVE USE POTENTIAL THE POTENTIAL Colman Architects have carried out an analysis of various development options and identified the following potential: self-storage residential - new units or extensions to the existing residential above distribution supercar storage leisure including a gym All alternative uses / redevelopment is subject to necessary consents. STORAGE, DISTRIBUTION OR LEISURE FACILITY

7 NCP CRAWFORD STREET PRIME CENTRAL LONDON CAR PARK WITH DEVELOPMENT AND ALTERNATIVE USE POTENTIAL YORK STREET PLANNING The property is located in the London Borough of Westminster City Council, within the Portman Estate Conversation Area. VAT The 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). CRAWFORD STREET DATA ROOM Please contact Allsop for access to the Data Room. This drawing is the property of the Colman Partnership Ltd. and Copyright is reserved by them. For identification purposes only.

8 PROPOSAL Offers in excess of 2,500,000 subject to contract and exclusive of VAT for the Freehold interest. A sale price at this level reflects a capital value of 231 per sq ft GIA. For further information please contact: Nick Pemberton nick.pemberton@allsop.co.uk Chloe Newton chloe.newton@allsop.co.uk Olivia Bentley olivia.bentley@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