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.
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.