Asset Management

Letting and construction of underground and multi storey car parks in Liverpool city centre.

Client

Grosvenor Developments Ltd.

Property Description

3,200 new-build car spaces arranged in three car parks serving a 2.5m square foot mixed use city centre scheme.

Project Summary

  • 42 acre city-centre site
  • Construction of scheme
  • Pre-letting of car parks to national operator
  • Forward funding

TownCentreParking’s Role

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

  • Design consultancy
  • 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
  • Presentation to funding parties, highlighting inherent qualities of revenue stream

Conclusion

Through detailed analysis of the revenue potential of the car parks, Town Centre Parking has ensured that Grosvenor receive the maximum rent. In doing so, we did what is believed to be the largest rental deal in the UK in 2004 and set a record for the highest car park rent ever achieved. The lease terms include fixed rental uplifts and workable reviews, thereby generating maximum value and facilitating the raising of significant equity and debt finance. Design advice ensured high levels of dynamic efficiency and increased capacity on a constricted city-centre site; thereby creating optimal conditions for revenue generation and provision of high levels of customer service.


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