If you own a carpark in central Auckland, it’s likely to grow more valuable as parking spaces become increasingly rare.
For some time Auckland Council has been approving new apartment buildings without parking spaces; now the Downtown Car Park on Customs Street is up for sale and the new owner will not need to provide short-stay carparks.
For anyone who owns an apartment with an associated car park, it’s worth running the numbers on whether to split the two up. Renting out the parking spot to a commuter and the apartment to a tenant may be worthwhile – or at least help you ensure the tenant is paying market rent for the car park.
Not sure what your car park is worth to rent out? Give us a call and we can find out.