Lateral Property Group

Generating revenue with temporary car parking, a former Allied Carpet store in Darlington, County Durham, has been turned into a source of revenue for its owners under a short-term lease agreement with Car Parking Management Ltd, for pay & display car parking.

Its owners, Lateral Property Group, had earmarked the site for future development and were still incurring costs in the form of business rates on both the empty car park and warehouse building.

 
 

CPM's previous attempt to use the site as a temporary pay & display car parking facility had been declined by the Valuation Office Agency (VOA), as the site’s owners were unable to reach agreement with them to split the car park rates assessment from the warehouse building.

CPM entered into negotiations with the Valuation Office Agency, who agreed to accept a formal lease arrangement as a means to separate the rates liability for both elements of the site. Now, the income from the car park lease can be offset against the empty rates liability on the warehouse building.

 
 

The two-year lease agreement with CPM contains a three-month rolling break clause, giving Lateral Property Group the flexibility to bring the redevelopment forward if needed, whist presenting a viable source of income.


Bill and his team at Car Parking Management have been great to deal with and kept me informed of progress at every stage of the negotiations with the Valuation Office Agency. They were successful at splitting the business rates assessment so that the car park could re-open – something we had not been able to resolve with the VOA ourselves. It means that we are now able to generate a regular income until the site is earmarked for re-development. A three-month rolling break clause in the lease gives us the flexibility if we decided to bring that date forward.

CPM sourced the new ticket machines and signage in advance of the decision, so once we were given approval, the new car park was tidied up and open to the public within a matter of days. The car park is doing well and usage has seen a steady increase. The site is well maintained and our invoices are paid on time each month.”
— Sylvia Bowden Chief Operating Officer, Lateral Property Group

Get in touch

Car Parking Management Ltd work with insolvency practitioners, commercial agents, investors, and private land owners to establish temporary car parks as a source of revenue whilst a site is undergoing sale, planning or re-development.

CPM is happy to operate on a formal lease, license or local arrangement depending on the level of flexibility each client requires. To discuss a potential opportunity, or if you would like more information, please contact us below.

Email: contact@carparkingmanagement.co.uk
Tel: 0845 004 0879