If you are selling a car park, it is an unusual asset class because of its niche market. Car parks depend on parking income that requires a substantial investment through automation or requires a parking attendant potentially up to 24-hours a day.
The good news is that Property Saviour will buy any cark park whether its is a multi-storey car park in a prominent location or a row of lock-up garages with parking spaces in a small town.
We are prepared to overlook the common issues with car parks including:
- Poor location resulting in poor demand for parking in an area
- Poor condition or requiring substantial investment to keep up with well established car park brands
- Car parks with structural damage either subsidence, leaks or more.
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Sell Your Car Park To Us
Whether you have a busy car park or a non-trading car park that needs work, we’ll still be able to buy it.
Whether it is a small car park in a residential area or a large car park, we would love to hear from you.
The reality is that most car parks require an element of tarmac due to harsh weather conditions, pot holes appear. Consequently, parking spaces require paint markings. We are happy to take a look at unmodernised car parks that require automation or investments to bring it to modern standards such as EV parking charging points.
Property Saviour offer you a real alternative to selling via a commercial property agent or risk auctioning your property.
Because car park investment is a niche asset class, it comes with several challenges if you are trying to sell it on the open market including:
- There is not a single portal for commercial properties so depending on which portal your agent uses, you could be awaiting several months for an enquiry. Commercial agents list property online and hope for the phone to ring. This isn’t ideal.
- You are liable for business rates until the sale concludes.
- You are expected to pay upfront fees for ‘marketing costs’.
- You are tied into a contract often between six to twelve months.
- If you serve notice to end contracts, you’ll notice a surge in enquiries and ‘offers’ that don’t materialise into anything. These are underhand tactics to buy time, and hope that a real buyers comes along in the meantime.
If you are selling a tenanted commercial property, constant viewings by potentially interested parties can ruin your relationship with existing tenants. They could become uncertain about their future, and potentially look to move on.
Even if a buyer is found for the car park, he/she will struggle to obtain a commercial mortgage because of 40% deposit requirement and interest rates of between 8-10% per year. This makes a car park as a commercial property investment financial unviable.
*Correct at the time of writing 16th May 2023.
Can I sell my parking space?
Yes you can sell your car parking space to us.
If you are having sleepless nights wondering ‘how can I sell my commercial property‘ you can be assured that with Property Saviour you are in safe hands. Here’s why:
- There are no endless viewings. Just one viewing is all it takes.
- Our guaranteed sale means there’s no frustration or abortive solicitor’s fees.
- No commercial agent fees to pay. You sell directly to us.
- A quick and decisive offer usually within 48 hours from your enquiry.
- Sell any type of commercial property in UK – any condition or any age.
- We will pay up to £1,500 towards your legal costs.
- We’ll keep you updated throughout the process because we want a five-star review from you. Our genuine reviews speak for themselves.
In essence, we’ll buy all types of commercial property so get in touch if you’d like to sell your commercial building fast.
We are commercial property experts trusted by sellers like you so please do get in touch with us.