A recent sale of a car parking space in St Ives, Cornwall for £40,000 has highlighted the rising costs of land for car parking.
The St Ives car parking space, according to a November 2017 Auto Express article, measures 4.4 metres by 2.1 metres and costs about twice as much per metre as the average house in Cornwall.
Perhaps the most expensive car parking space in the UK was sold for £400,000 in 2014. This Kensington space has room for 3 cars and is situated next to the Albert Hall.
Outside of London, car parking spaces can be purchased for far less, and there are several companies that offer investment opportunities in car parking spaces. While some of these investments can provide good returns, not all are profitable, which makes car park investing risky.
Commercial mortgages are available to purchase land suitable for car parks, but often better than just investing in car parking space is purchasing commercial property that also has land suitable for leaving vehicles. Income can be received both from tenants of the buildings and car parking fees, and the collection of fees can be outsourced.
Residential property owners near busy cities that have spare driveways can rent out their drives to motorists. There are many agencies that will find the cars for homeowners in return for a small fee.
In London and other major UK cities, especially near airports, parking a car can be expensive. Investing in car parking land therefore can be a good business opportunity as long as investors are aware of the risks.