Asset Management

Introduction of charges and letting of surface and multi storey car parks in Livingston town centre.

Client

Land Securities Plc

Property Description

4,380 spaces arranged in six car parks serving the town centre, which is formed of a covered shopping centre, plus factory outlet and retail warehouse schemes.

Project Summary

  • 50,000 sq. metre extension of shopping centre
  • Construction of new MSCP
  • Introduction of charges throughout town centre parks
  • Pre-letting of car parks to national operator
  • Hybrid deal

TownCentreParking’s Role

Town Centre Parking was involved from the early stages of the project and fulfilled a comprehensive role that included the following:

  • Development of cost/revenue matrix
  • Detailed cost/revenue forecasting
  • Discounted cash flow analysis
  • Report to client, with recommendations and strategy
  • Preparation and issue of marketing material
  • Negotiations with operators
  • Agree terms and supervision of letting through legals
  • Design consultancy, including revenue collection and parking control
  • Determine strategy for control of retail staff parking

Conclusion

A study of the demand and supply conditions in the town, combined with analysis of tariffs at competing centres, enabled us to carry out detailed financial analysis. This, in turn, facilitated the development of a strategy that made it possible for Land Securities to introduce charges and to secure a pre-let to a market leading operator, with obvious beneficial consequences for the value of the scheme. The hybrid nature of the deal ensures that the landlord retains control of crucial areas of operation, whilst availing themselves of the operator’s expertise.


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