Feanor Capital Partners buys private car park as amenity for Mayfair residents

London, July 2024: Feanor Capital Partners, a UK-based real estate investor 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 provided by Adsum has since been fully repaid.

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

The acquisition was an opportunistic move to secure a rarely traded underground car park in Mayfair, where secure neighbourhood parking is scarce. The asset carries intrinsic value for residents at 41 Upper Grosvenor Street and for other Mayfair schemes in Feanor's pipeline.

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

The car park is connected to mains water, drainage, gas, and electricity, and includes a sprinkler system, mechanical ventilation, lighting, new composite flooring, and an electric-vehicle charging point.

ENDS.