North Wind Capital buys private car park as amenity for Mayfair residents 

North Wind Capital buys private car park as amenity for Mayfair residents

London – July 2024: North Wind Capital (“NWC”), the UK-based asset manager with a European presence, has acquired a long leasehold car park in the heart of Mayfair for £3.5 million plus VAT, financed with a three-year £2 million senior debt facility from GRE Capital. A VAT Facility was provided by Adsum, which has subsequently been fully repaid.

The 39 space secure private underground car park at 12-14 Reeves Mews, near Grosvenor Square and Park Lane, provides income optionality for NWC and access to scarce amenity for NWC residential schemes in the area. NWC purchased 41 Upper Grosvenor Street for approximately £35 million in March 2024.

Christian Mathews, Investment Director of NWC, commented: “This opportunistic deal required us to move quickly to secure a rarely traded underground car parking in Mayfair. It has huge intrinsic value for residents at 41 Upper Grosvenor Street, as well as other Mayfair residential schemes in our pipeline, given neighbourhood secure parking scarcity.”

Horizon has been appointed as car park operator. The long leasehold interest expires in 2060 and is structured on a peppercorn rent basis with no rent reviews. Rental value is estimated at in excess of £300,000 per annum.

The car park is connected to mains water, drainage, gas and electricity and has an installed sprinkler system, mechanical ventilation, lighting new composite flooring, and a charging point for electric vehicles.

ENDS.