NCP PORTLAND PLACE 6-7 WEYMOUTH MEWS MARYLEBONE, LONDON W1 PRIME CENTRAL LONDON CAR PARK INVESTMENT OPPORTUNITY

NCP PORTLAND PLACE 6-7 WEYMOUTH MEWS MARYLEBONE, 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 PROPOSAL We 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%).

VALE E INGTON ORCHARDSON STREET FRAMPTON STREET Penfold Street Broadley Street Edgware Road Edgware Road PRAED STREET rewood Avenue LISSON GROVE Marylebone MARYLEBONE ROAD Baker Street MARYLEBONE Regent s Park Great Portland Street Warren Street BLOOMS Goodge Street Euston Square dington Connaught Street Seymour Place AD York Street Gloucester Place Crawford Street York St Paddington Street Outer Circle Devonshire Street Weymouth Street New Cavendish Street Harley Street Torrington Place EDGWARE ROAD George Street Upper Berkeley Street GLOUCESTER PLACE Regent s Park BAKER STREET Madame Tussauds MARYLEBON E HIGH STREET PORTLAND PLACE Portman Sq Bond Street Selfridges New Bond Street GREAT PORTLAND STREET UCH E GOODGE STREET UCL GOW St Mary s Hospital SUSSEX GARDENS OXFORD STREET Wallace Collection WIGMORE STREET John Lewis Oxford Circus Wells Street Great Marlborough Street Newman Street OXFORD STREET TOTTENHAM COURT RD Dean Street BAYSWATER ROAD Marble Arch Conduit Street REGENT STREET SOHO Brewer Street SHAFTE Leice LOCATION & SITUATION The 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. CONNECTIVITY Weymouth 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.

DESCRIPTION The 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. ACCOMMODATION The 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). TENANCY Single 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 COVENANT NCP 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.

1 Estimated Rental Growth (assuming 3% per annum RPI linked uplifts) 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% WEYMOUTH STREET Statue Cycle Hire Station TENURE 19 47 Portland Place School Long 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 USE 52 The premises may be used as a car park. 11a 11 12 10 Research Facility Shelter PLANNING The property is located in the London Borough of Westminster City Council, within the Harley Street Conversation Area. 14 15 13 17 WEYMOUTH MEWS PORTLAND PLACE 46 40 7 37 38 35 35 42 6 41 43 33 34 PH LB 28 47 27 50 71 27.7 32 59 65 67 69 27.8m This drawing is the property of the Colman Partnership Ltd. and Copyright is reserved by them. NEW CAVENDISH STREET D 23

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). DATA ROOM Please contact Allsop for password protected access to the Data Room. PROPOSAL We 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%). For further information please contact: Mark Ibbotson 020 7543 6879 mark.ibbotson@allsop.co.uk Chloe Newton 020 7543 6886 chloe.newton@allsop.co.uk www.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 04.18