Parking/garage for sale in Salem Street, Bradford BD1

Location

The property is situated in a central position, with access from Salem Street, just off Manor Row in the centre of Bradford.

There is excellent access to both Bradford Inner Ring Road at Hamm Strasse/Drewton Road and also the city centre. Nearby are a number of offices, restaurants, apartments etc.

Description

The property comprises a three-storey car park, providing a total of 151 car parking spaces. The investment is held on a long leasehold basis, for a term expiring in January 2130. There are three income streams, from the car park ground rents, car park licences, and the letting of the lower car park on an occupational lease.

The car park benefits from a security roller shutter, controlled by key fobs, movement-controlled lighting etc.

The total current income is £86,484 – which will rise in line with rpi, as indicated below.

Outgoings

We understand the individual car parking spaces are either assessed separately, or included in the Council Tax Charges, for the flats to which they relate.

The lower-level car park is assessed for rates as follows:

Description: Car Park and Premises
Rateable Value: £13,750

The Uniform Business Rate for 2022/2023 is 51.2 pence in the £.

Due to transitional relief provisions, the rates payable may have no relation to the rateable value. Interested parties are advised to check with the Local Rating Authority as to the current rates liability.

Tenure

The property is held on a long leasehold basis, for a term of 125 years (plus 7 days), from 1 January 2005. The rent is one peppercorn pa.

Leases/tenancies

There are three direct income streams from the property as follows:

1. Sub leases

There are a total of 78 long leasehold lettings, on a coterminous basis to the head lease, at a passing rental per lease, of £770.31 pa (total
£60,084.18 pa) subject to rpi (uncapped increases), each 5th year – next review January 2025 (expected in crease at January 2025 to a minimum level of £71,250 pa)

2. Car Park Licenses

The remaining Car Parking spaces in the ground floor, and upper level car park (23) are let on individual license (on an annual basis), at a total passing fee of £11,400 pa

3. Occupational Letting

The lower car park level is let to Yorkshire Vehicle Remarketing Limited, for a terms expiring on 14 June 2024, at a passing rental of £15,000 pa

Service charge

There is a service charge in relation to the long term leases, which has a fixed minimum, which is also running at total of £190.44 per space, subject to rpi (uncapped) reviews each 5yth year – further details upon request.

Price

Offers are invited in excess of £1,100,000 Plus VAT, subject to contract, and subject to sub leases, and licenses etc.

Legal costs

Each party to be responsible for their own legal costs incurred in the transaction.

Energy performance certificate

An Energy Performance Certificate is not required for the property.

VAT

The property is elected for VAT, which will be charged on the purchase price – the property is expected to quality as a togc.

Anti-money laundering

In accordance with Anti-Money Laundering Regulations, two forms of id and confirmation of the source of funding will be required from the successful purchaser.