[symple_toggle title=”What costs will I incur when my parking space is let?”]A 15% management charge will be deducted from the rental income received along with the service charge for the property. The annual ground rental charge is also payable, full details of all these charges and the rental returns are outlined on our current price list. All percentage returns are quoted after management and service charges have already been deducted, please refer to the price list within this brochure for a full detailed breakdown.[/symple_toggle]
[symple_toggle title=”Where do parking spaces fit within my investment portfolio?”]A parking space is a long term asset backed income generating commercial property, which has excellent projected capital growth. Parking spaces underpin and help diversify any investor’s future investment portfolio[/symple_toggle]
[symple_toggle title=”What is the capital cost?”]The market valuation of one car parking space is £25,000. Investors are offered the property at a discounted rate, making the wholesale price only £20.000. We believe airport long stay parking spaces are the most cost effective parking facilities producing the highest yields on the market today. Multiple parking spaces can be purchased using one land registry title deed, this saves on completion costs on larger property investment portfolios.[/symple_toggle]
[symple_toggle title=”What rental income can I expect?”]Parking space rental starts at £45 per week. The 6-year lease in place on your parking space has fixed upwards only rental reviews and break clauses for both parties every 2 years. This produces a guaranteed 8% yield on your investment within the first two years per annum, this then is predicted to rise to over 10% return in years 3&4 and then surpass 12% return in years 5&6.[/symple_toggle]
[symple_toggle title=”Is there a single title deed?”]Yes, as with all UK property purchases you will receive the ‘Title Deed’ registered in your name at Land Registry after completion.
Is this a leasehold or freehold property?
Parking spaces are sold as a 175 year long leasehold property (Banks consider anything over 100 years just the same as owning a freehold). This is the maximum leasehold that can be granted in Scotland.[/symple_toggle]
[symple_toggle title=”This Is Your Toggle Title”]Your Toggle Content[/symple_toggle]
[symple_toggle title=”Is this a leasehold or freehold property?”]Parking spaces are sold as a 175 year long leasehold property (Banks consider anything over 100 years just the same as owning a freehold). This is the maximum leasehold that can be granted in Scotland.[/symple_toggle]
[symple_toggle title=”What about security?”]All of our car parks have excellent security alarm systems and the latest CCTV. Your parking space can be accessed 7 days a week. All car parks have secure access entry and exit systems and are manned through out the day.[/symple_toggle]
[symple_toggle title=”What costs will I incur if my parking space is vacant?”]You will incur no management or service charge fees while your parking space is empty. The only fee you will incur is a small annual ground rental payment of £100 per space.[/symple_toggle]
[symple_toggle title=”How many parking spaces are there per site?”]Park First’s car parks can vary in size from 100 up to 2,000 parking spaces. All of our car parks are located in well- populated areas close to major airports and city centres, they can be seen from the main roads or motorways by potential customers.[/symple_toggle]
[symple_toggle title=”Do I need to use a solicitor to prepare the leases?”]Our in-house commercial agent will prepare a licence agreement for tenants to sign and therefore no solicitors are (legally) required. This makes the process simple, fast & straightforward, although you are welcome to use your own legal advisors or commercial agents if you should choose to do so.[/symple_toggle]
[symple_toggle title=”Can I sell at any time?”]All parking spaces are purchased as a private commercial property investment. Investors are free to sell, let or manage their own spaces at any time using any agent they choose.[/symple_toggle]
[symple_toggle title=”Can I easily resell my parking space?”]Yes, you can re-sell your parking space at any time and selling your property couldn’t be simpler. Park First can market your space upon your request. We believe that because your property is so competitively priced when new, they will make a very attractive sale proposition to new investors in the future. We also expect that many end users will wish to purchase their own parking spaces, if they are frequent flyers/tenants, this then becomes more cost effective becoming a personal investment opportunity.[/symple_toggle]
[symple_toggle title=”What’s the exit route?”]In year 5, investors have the option to enter the Park First buy-back scheme. In this scheme, Park First will buy the parking space back from the investor for the original price paid within the next 5 years. This is a unique offer in the market place and we are happy to be able to offer this exit route to our investors.
We believe most investors are driven to keep the property investment they have purchased and carry on receiving the rental yield produced for years to come, this means only a very limited number of parking spaces per site will ever come onto the resale market thus creating a high sale value and demand for the future.[/symple_toggle]