Carparks Flinders Carpark Melbourne

I have found carparks and land have gone up far more than buildings
The Flinders St Carpark is for sale
Anyone showing an interest ?

 

Generally buildings are sold with land.

 

Yeah !
that's why the last 29 purchases (4 had options so i only have 25) have only been land ...left the building to be owned by someone else

 

Would you be able to provide the link?

 

The Australian Financial Review today p33 selling through Colliers 315 parks

 

Thanks Beano, I will try to find the article.
What sort of return would you consider a good investment for car parks?

 

I envy the time these retired guys have

 

Unless the rental is under market (and you have the ability to increase it ) i would want it to be positive yield . So net yield 5%plus

 

Be aware of the car park levy - if applies will make a hole in the yield. Car Parks | State Revenue Office

 

I know someone owned 3 carparks in Sydney CBD area and found it difficult to sell. The levies erode the yields I believe.

 

Flinders Street car park hits market


@Beano , I would be cautious if your view is a long term one. Car parks should lose value after self driving cars become a thing. All signs so far are indicating that they're not too far out, and because of their design/limitations, self driving cars are likely to be most popular in CBD areas.
Uber is also becoming more appealing as traffic, car parking and maintenance prices go up.

Of course the development potential of the place seems huge, so as long as you hold it long enough and it is self funding, you're going to have some prime real estate.

 

Very good point