Napier Court Car Park, Ranelagh Gardens

Fulham

Acquired at auction from The Grainger Trust, Napier Court Car Park was purchased in joint venture with The Milton Investment Fund.

Sony BMG were the majority tenant in the lower ground floor and, upon vacation, the property was comprehensively refurbished to provide a secure below ground car park suitable for high value and classic cars. It was felt that such customers would be less transient and also less sensitive to increased licence fees in the future.

The improved car park proved very popular. With targeted marketing it was soon running at or near 100% capacity with a varied customer base, virtually all of whom stored classic cars.

The car park was sold in September 2013 to a local high value car dealer who will use the facility for their own purposes in tandem with providing secure storage for their client’s vehicles.

STRENGTHS

  • Underground car park
  • Low passing rents
  • Virtually no competition

OPPORTUNITIES

  • To increase the passing rents
  • To improve the decorative presentation
  • To become less reliant on Sony BMG

WEAKNESSES

  • Decorative presentation was very poor
  • Majority of lower floor let to single tenant (Sony BMG)
  • Long leasehold tenure

Threats

  • Sony BMG vacation would lead to a dramatic reduction in the passing rent
  • Occupier reluctance to increased licence fees