Asset Management

Acquisition, refurbishment and letting of central London car park.

Client

Marchday

Property Description

558-space underground car park, providing short- and long-stay parking for the Oxford Circus area.

Project Summary

  • Attempted acquisition of car park from WCC
  • Planned refurbishment of car park and square situated above
  • Planned pre-letting and sale of car park

TownCentreParking’s Role

Town Centre Parking will, upon completion of the project, have been responsible for the following:

  • Development of cost/revenue matrix
  • Cost/revenue forecasting
  • Discounted cash flow analysis
  • Determining deal structure for acquisition from WCC
  • Negotiation with WCC
  • Design consultancy
  • Vehicle control and revenue collection equipment consultancy
  • Marketing of pre-let to car park operators
  • Negotiation with car park operators

Conclusion

Unfortunately Marchday was unsuccessful in their attempt to buy the car park, despite the viability and benefits of their scheme, with the project serving to highlight the difficulties associated with LA transactions. Notwithstanding, Town Centre Parking carried out all the necessary work. Our analysis of the figures supplied by WCC, understanding of the car park’s current performance and ability to forecast future performance enabled our client to negotiate from a position of knowledge with WCC, banks and investors and the operators.


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