04 December 2017, London: Aprirose, the UK-based real estate investment company, and Aurora Real Estate have purchased the Heathrow Flightpath car park let to National Carparks Limited (NCP) for c. £16 million.
The NCP is the UK’s largest and longest standing car park operator and is owned by the Development Bank of Japan Inc. The NCP operates over 150,000 spaces across more than 500 car parks.
The NCP car park is strategically located on the corner of the Bath Road and M4 spur road, adjacent to the proposed third runway at Heathrow. The site is located six minutes from Heathrow Terminal’s 2 and 3 and comprises 709 parking spaces across four and a half acres.
Gary Jones, COO at Aprirose, said: “The acquisition of the NCP Heathrow car park is testament to our dedication to acquire assets that will complement our balanced and diverse portfolio. The infrastructure work taking place will inevitably impact on the existing commercial space so we feel this is a strong asset to acquire at this time. As we grow our real estate portfolio we continue to look for acquisition opportunities across all asset classes which will create the best returns for our investors.”
Meenal Devani, Managing Director of Aurora Real Estate, said: “Heathrow Flightpath is a prominent property that is strategically located and will benefit substantially from the arrival of the Elizabeth Line next year and from the prospective third runway at Heathrow. It fits well with our strategy of acquiring assets that are underpinned by strong income and that will benefit from infrastructure change. It is an attractive addition to our Greater London Crossrail portfolio which includes locations such as Ilford, Ealing and Brentwood.”
The M4 is the main motorway leading to Heathrow Airport supporting its strong communication links and the site is also in close proximity to the Slough Trading Estate, a leading international location for business. The connectivity will support the Heathrow airport expansion, which is set to attract 260,000 additional flights per annum as the third runway becomes active
Aprirose and Aurora were advised by Knight Frank.