Available
London N7 – Underground Car Park
Caister Garage, Roman Way, London N7 8XLLong Leasehold Underground Car Park/Storage Investment
Price
OIEO £2,200,000
Rent P.A.
£190,000
Yield
8.64%
Tenure
Leasehold
Lease Term
10 Years
Years Left on Lease
9y 7m
Area
20,545 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Comprises underground car garage for approx. 90 vehicles. Total area size of 1,909 sq m (20,545 sq ft)
- Fixed rental increase to £200,000 p.a. in June 2025. Annual rent reviews from June 2026 linked to RPI (1-5% collar & cap)
- Let to one of the largest European luxury car concierge operators with locations in France, Switzerland, Belgium and UK
- Situated within short walk from Highbury & Islington Station, as well as Caledonian Road Underground Station.
Key Features
Tenure
Leasehold
VAT
VAT is Applicable
Property Description
Comprises a secure underground basement car park (B8 use), situated under Caister House, a large residential apartment block. The property is accessed via single ramped entrance and exit point leading from Roman Way and provides the following accommodation and dimensions:
Basement: 1,909 sq m (20,545 sq ft)
29/30 large car bays suitable for up to 3 cars, office, storage
Basement: 1,909 sq m (20,545 sq ft)
29/30 large car bays suitable for up to 3 cars, office, storage
Tenancy Description
The property is at present let to Carsup UK Ltd (Guarantee by Carsup France) for a term of 10 years from 14th June 2024 at a current rent of £190,000 p.a. and the lease contains full repairing and insuring covenants. Fixed rental increase to £200,000 p.a. on 14.06.25. Rent review on 14.06.26 and every year after linked to RPI (5% cap & 1% collar). No breaks. Deposit held of £57,000.
Tenure:
Long Leasehold. Held on a 125 Year lease from 25th December 2013 at a ground rent of £1 p.a. Reversion December 2138.
Tenure:
Long Leasehold. Held on a 125 Year lease from 25th December 2013 at a ground rent of £1 p.a. Reversion December 2138.
Tenancies & Accommodation
Location Description
Islington is a district in the north of Greater London, England, and part of the London Borough of Islington. It is a mainly residential district of Inner London, extending from Islington's High Street to Highbury Fields, encompassing the area around the busy High Street, Upper Street, Essex Road (formerly "Lower Street"), and Southgate Road to the east. The property is located on Bride Street near to Roman Way and Caledonian Road (A5203) and Holloway Road (A1). The property also benefits from a number of bus routes and Caledonian Road underground station being within short walk.