Single car park for rent. Basement of 1 Powlett Street East Melbourne.

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Car Parks are now one of the most valuable pieces of real estate in the City

SMH – Money

James Cockington
February 15, 2012

That slab of concrete where you park your car is now one of the most valuable pieces of city real estate, rivalling office and apartment space for cost per square metre. And it has appeal for DIY super investors.
According to research to be released later this year by Colliers International, the number of non-residential car spaces available in or near the centre of Melbourne or Sydney has either increased only marginally (Melbourne) or declined slightly (Sydney) between 2006 and 2011.

Last year, Melbourne had about 40,000 city spaces, a rise of about 500 since 2006. Sydney has about 28,500 spaces, a drop of about 50 since 2006.

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The national research director at Colliers, Nerida Conisbee, says this trend is largely due to council policy aimed at restricting the volume of private cars using the centres of cities.

Brisbane has placed a ban on the future construction of multilevel car parks. This policy also applies to residential developments. The Barangaroo complex in Sydney has limited parking to 300 spaces.

In theory, this means existing spaces will become an increasingly valuable commodity based on the demand-and-supply formula. Those that are advertised for sale suggest this.

A Sydney space listed for sale in a Harris Street, Pyrmont, parking building is priced at $35,000 through McGrath real estate. It is described as ”an affordable entry into the market, ideal for those seeking a self-managed super fund portfolio”.

City spaces are valued according to how close they are to the central business district and even how close they are to the front entrance of the building. The higher up the spiral you have to drive, the less valuable the space becomes.

Spaces closer to the CBD cost about $50,000 to $60,000 and can go up to $150,000 for those in Sydney apartment blocks. The availability of these is a complex area, dependent on council bylaws and strata titles.

Owners of some residential apartments might only be able to sell their car space to others living in the building. Some spaces can only be sold with the apartment.

Residential spaces that can be sold independently are in strong demand and those in the Sydney’s CBD have sold for more than $200,000.

McGrath agent Brett Macartney, a parking space specialist, is currently listing one in the exclusive Mantra apartments in Bond Street, Sydney.

At the time of writing, its status is yet to be finalised. The vendor picked up two spaces when the apartment was bought and now wants to sell the second one.

It will be listed for an estimated $155,000, which places it close to the top end of the market in Sydney. Spaces at the Observatory Tower complex in Kent Street have sold for about $220,000 each.

Macartney says investing in a parking space is not necessarily the blue-chip attraction it once was because of recent rises in council parking levies.

Annual returns of 5 per cent to 10 per cent five years ago are now down to about 2 per cent to 3 per cent.

For those who can pay cash for a parking space and want to use it themselves for a period, this can still be a good investment.

The Sydney city levy for a space is now $2100 a year. Melbourne’s equivalent, officially known as a congestion levy, is $910 a year. Both figures represent a 100 per cent increase in the past few years. Perth has also introduced a parking levy.

Yes, they are trying to tell us something: they don’t want our cars parked in the city.

Colliers’ research shows that parking rates have also risen, with an average daily cost of $64 in Sydney and $58 in Melbourne.

Early-bird rates are considerably lower but even so, the cost is no longer practical for the average worker.

Conisbee says the demand for parking usually rises along with employment rates but picked up on a new trend in this latest survey.

The relative importance of car-parking facilities has declined among those who work in the city. Bicycle parking is now a higher priority.

Those who dream of owning a parking space in the city might now prefer to invest that money in a state-of-the-art pushbike.

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Car park for rent: McMahons Point

Do you live or work North Sydney? Do you work in the CBD? Park your car securely and catch the bus or ferry to work. Available long term from 28 January, 2012.

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Renting out car spaces is the latest great idea that people have found to help pay off their spiraling debts and breathe a little easier during these difficult economic times.

Michael Dunne, Managing Director of RentmyCarpark.com.au says “most people don’t even know they have such a valuable asset right under their noses. Any space can be a money spinner and people always need spaces to park their cars, trucks, boats, caravans. People are always on the lookout for cheaper storage alternatives too”.

An advertisement on the Rentmy Carpark website if free and the ads are listed for six months, so it’s pretty cheap to test the market for your space. The company acts purely as an advertising service and therefore they take no commission once you find a renter for your space.

Depending on the area that you live in rental returns from your space can range from between $25 per week to a respectable $150 per week.

Mr Dunne said “although any space could potentially be rented out the most popular searches tend to be for car or storage spaces near city centre’s, train stations, universities, sports stadiums and beaches.”

Rentmy Carpark is set up so that you can advertise your space as either Long term (weekly rates), or Short term (daily rates). You can also specify the days and time that your space is available, meaning that a space doesn’t need to be available 24/7 for you to earn money by renting it out.

More information can be found by visiting RentMyCarpark.com.au.

The New Parking Search App will help you find a car park in seconds next time you’re heading out to a meeting, a spot of shopping, a night on the town, or even just the Airport.

The App enables you to not only find a car park quickly, but also provides contact details and a web link for up to date information like hourly rates, operating hours, early bird rates, head heights and more.

SPECIAL FEATURES

- “My Park”

Adds the selected car park to the top of your favourites list. This car park will appear as a red pin on the search map.

- “Fav”

Adds the selected car park to your favourites list. Your favourite car parks will appear as pink pins on the search map.

- “Nearby”

Locates all car parks near your current location.

- “Web : Click Here for More Info”

Links to the web page for that car park. For most major car parks these web pages will contain the following details:

Hourly rates

Early bird specials

Operating hours

Additional services

Vehicle head heights

& more

Parking Search Free iPhone App

Preview the Parking Search App

The ACT Government is under pressure to provide more parking spaces for commuters in Canberra’s CBD and town centres.

The Opposition says the Government’s parking strategy has sat on the table for four years and is woefully out of date.

Spokesman Alistair Coe says Canberra was designed for cars and the Government must improve the bus network if it wants to discourage people from driving.

“Canberrans depend on vehicles to get around. This Government seems unwilling to admit that. They seem to be determined to make it harder and harder to drive and harder and harder to park, therefore pushing people onto public transport or other means of transport,” he said.

“The fact is they’re not viable. If we want people to get onto an ACTION bus, they need to make ACTION buses better.”

But the Government has defended its management of car parking.

Territory and Municipal Services Minister Simon Corbell says the Government is investing in improvements across the transport network.

“The Government’s demand management approach to parking and sensible, measured approach to parking pricing, will help us to manage parking demand over time and create a more sustainable Canberra,” he said.

“We will not respond in a knee-jerk manner and we will not examine the issue of parking in isolation of the broader issues associated with planning and sustainable transport.”

Meanwhile several thousands Erindale residents have signed a petition expressing frustration about traffic congestion near shops and its effect on businesses.

They want the Government to boost parking spaces and consult residents and business owners about planning arrangements for the Erindale Shopping precinct.

Liberal MLA Steve Dozspot presented the petition, with almost 3,800 signatures, to the Legislative Assembly.

“Secure Parking has announced that patrons will be able to leave their cars overnight…”

The North Shore Times

7 January, 2011 5:04pm

Here’s the media release …. 
“Cars sleep free!” Free car sleep over to help ease weekend traffic congestion during Festival Date: 7 January 2011 
On the eve of the Sydney Festival Secure Parking has announced that patrons will be able to leave their cars overnight on Fridays and Saturdays in Sydney’s CBD for as little as $10. It’s hoped that the move may encourage people who are planning to drive in to the City to catch public transport home and in doing so help reduce congestion in the CBD at key event close times. “For as little as $10 drivers can now park in selected car parks in Sydney and not pick their car up until after lunch the following day,” Secure Parking, Corporate Marketing Manager, Andrew Sapir, said. “This new parking deal is good news for Festival patrons and party goers in general as it will encourage car pooling and end the drink drive guessing game for those visiting the entertainment precinct on weekends.” Mr. Sapir said in addition to free overnight parking on the weekends, as a key sponsor of the Sydney Festival Secure Parking will offer Festival patrons a flat rate of $10 for evening parking at car parks close to a number of Festival venues. These include: . State Theatre – 383 Kent Street, Sydney . Town Hall – Hilton Hotel, 59 Pitt Street, Sydney . City Recital Hall – Number 1 Martin Place, Pitt Street, Sydney . Beck’s Festival Bar – Number 1 Martin Place, Pitt Street, Sydney . Festival Garden – Hyde Park Piccadilly, 137 Castlereagh Street Sydney “The provision of these cost effective parking initiatives is good news for visitors, residents and the environment as it should help ease traffic bottlenecks and get cars off the streets by reducing the number of vehicles circling our CBD looking and waiting for ‘on street’ parking,” Mr. Sapir said. For a copy of the Secure Parking Sydney Festival Parking Guide, including a handy map showing where parking is available as well as discount parking vouchers, terms and conditions for evening parking during this year’s Festival, visit www.secureparking.com.au. Media enquiries & interviews: Kylie Park 0439 604 084

Undercover Secure Carpark Avail (8-6pm – Mon-Fri)

Looking for Convenience with Undercover, Security, and remote control access… at an affordable Price? This car park is available for the Business Executive working near Felix Street. Available 8am till 6pm (5days per week, not including Public Holidays)

Undercover, secure car space with a remote control in Spring Hill (on Berry Street) only $50/week (plus $100 remote control refundable deposit). Perfect location – 5 min walk to central station, Riverside and the Valley. Available now for 2 month lea

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