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 car park whether it 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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Selling a Car Park: A Comprehensive Guide
Are you considering selling a car park? Whether you own a multi-storey facility in a bustling city centre or a small parking lot in a residential area, Property Saviour is here to help you navigate the process with ease and confidence.
Understanding the Car Park Market
Selling a car park can be a unique challenge due to its niche market position. Car parks rely heavily on parking income, which often requires substantial investment in automation or round-the-clock staffing. However, with the right approach and knowledge, you can successfully sell your car park and achieve a favourable outcome.
Why Choose Property Saviour?
At Property Saviour, we specialise in buying car parks of all types and sizes. Our expertise allows us to overlook common issues that might deter other buyers, such as:
- Less-than-ideal locations with low parking demand
- Properties in need of refurbishment or modernisation
- Structural issues, including subsidence or leaks
We’re committed to making the selling process as smooth and straightforward as possible. If you’re ready to sell your car park, why not get in touch with us today?
The Challenges of Selling a Car Park on the Open Market
Selling a car park through traditional methods can present several obstacles:
- Limited exposure due to the lack of a unified commercial property portal
- Ongoing business rates liability until the sale completes
- Upfront marketing costs
- Long-term contracts with estate agents
- Potential disruption to existing tenants due to frequent viewings
How Property Saviour Simplifies the Process
We offer a streamlined alternative to conventional selling methods:
- One viewing is all it takes
- Guaranteed sale with no risk of abortive solicitor’s fees
- No estate agent fees
- Quick decision-making, with offers typically made within 48 hours
- We buy car parks in any condition or location
- Up to £1,500 contribution towards your legal costs
- Regular updates throughout the sale process
Useful Tips for Selling Your Car Park
- Assess Your Car Park’s Value: Consider factors such as location, condition, and current occupancy rates.
- Gather Relevant Documentation: Collect all necessary paperwork, including property deeds, financial records, and any existing lease agreements.
- Consider Potential Improvements: Simple upgrades like repainting lines or improving lighting can make your car park more attractive to buyers.
- Highlight Unique Selling Points: Does your car park have features like EV charging points or advanced security systems? Make sure to emphasise these.
- Be Transparent About Any Issues: Honesty about any existing problems will help build trust with potential buyers and avoid complications later in the sale process.
Can I sell my individual parking space?
Yes, Property Saviour buys individual parking spaces as well as larger car parks. If you’re looking to sell a single space, we’d be happy to discuss your options.
How long does it typically take to sell a car park?
With Property Saviour, you can complete the sale in as little as 10 days, or we can work to a timescale that suits you.
Will you buy car parks that need renovation?
Absolutely. We’re interested in car parks of all conditions, including those that require modernisation or repairs.
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, and potholes 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 them to modern standards such as EV parking charging points.
Property Saviour offers 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 waiting several months for an enquiry. Commercial agents list the properties 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 buyer 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 the 40% deposit requirement and interest rates of between 8-10% per year. This makes a car park as a commercial property investment financially unviable.
*Correct at the time of writing 7th Oct 2024.
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.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
