Car park investment

On behalf of clients we’ve bought and sold all manner of properties over the last 15 years from schools to chicken farms, churches to sports clubs, but until now, never a stand-alone car park.

That changed in January 2010 when clients Skillcrown Homes completed their unconditional purchase of a prominent car park in Bexleyheath from listed property company Development Securities.

The site is let to blue chip parking operators NCP, however, the lease is due to expire shortly, and the property appears to offer development potential.

Our clients propose a landmark mixed-use project which will serve to draw greater attention to the adjacent High Street. The scheme comprises a replacement car park, new hotel and apartments. Market leaders Travelodge have already committed to acquire the hotel, and interest has been shown in each of the other elements from major operators.

At the time of writing a detailled planning application is being readied, with Skillcrown hoping to start on site in early 2011.