Parking/garage for sale in Roman Way, London N7

Investment Consideration:
Gross Initial Yield: 7.60%
Rental Income: £190,000 p.a.
VAT is applicable to this property
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.

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

Tenancy:
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.

Tenant:
Carsup is a luxury car storage and concierge service founded in 2019, focusing on providing high-end management and storage solutions for exceptional cars. The company operates primarily in Europe, including France, Switzerland, Belgium and the UK. It offers services such as secure storage, maintenance, mechanical repairs, and even administrative tasks related to luxury vehicles. The company's innovative platform allows clients to manage their cars through a mobile app. Carsup is known for its expansive portfolio, with over 1,000 luxury cars under management, making it one of the largest such service providers in Europe.
Website:

Location:
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.