the mix of customers, technology and the physical environment
What you as an owner, manager or operator want from your car park will open the door to the options available to achieve these goals. Analysis is done on a site by site level breaking down the business into each product that is offered to customers, how it is priced, where they park within the car park and the technology that provides them with access.At an operational level we look at the most efficient way to run the business and how to minimise those key expenses including Parking Levies.
We examine what is the best legal structure to operate under - owner operator, leased or managed. For larger portfolios with multiple sites it is essential that standardised reporting and commercial agreements are put in place.
getting the commercial structure right
Operating agreements for car parks are unique - too often standardised office leases are modified to work in this environment.
The agreement is more than a rent or a management fee - it needs to cover all the operational aspects of an evolving business and provide you with all the information required to make sure you can easily oversee tenure that will most likely range between 3 and 5 years.
With such short terms there are significant risks on expiry and we will assist you in navigating through them.
how to increase yields
When astutely implemented, increasing capacity or parking rates are two ways of improving your assets revenues. However there are a number of more sophisticated methods that can be utilised depending on the profile of the site and its customers.
Parking is a dynamic business - and the profile of a site and its customer base can change very rapidly as a result of external factors including tenancy movements in the immediate area, competitor strategies and physical changes to the surrounding road network.