how do i value car spaces?

T

thomasmc01

Registered User
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have been approched to lease ground for a car park to local authority, should fit 90 spaces. they want me to give them a price and back it up with figures. tried to consider criteria such as rates for parking, possible occupancy levels etc..anyone any suggestions? they want it for at least 3 years, possbly as much as 10. thanks
 
Not easy to answer.It takes research of local availability,prices,etc Are you tax compiant,vat registered?Is your property secure,i.e.fenced in,CCTV installed,patrolled 24/7?Surfaced,spaces marked out.Insurance affordable?Without knowing your area I would guess e1,800 to 2,500 per space per annum minimum.The local authority will be hard bargainers,then watch out for planning compliance.Research:talk to other operators,maybe you can persuade other users to disclose their rental amount(s).Goood luck
 
Given that its a public service body, when they mean back it up with figures, they are looking for a formal valuation from a recognised valuer.
 
You posting doesn't make it clear if you are letting land to the local authority of if they have asked you to value land they want to let from someone else?
 
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