Increasing revenue with pay & display car parking. A privately owned 45-space car park in the centre of Lincoln has seen its revenue significantly increased for its owners, through the introduction of a public pay & display car parking facility.
In an area where parking is at a premium, Car Parking Management Ltd (CPM) saw an opportunity to increase the site’s revenue by opening it up to the general public and increasing the number of times each space is used. Its owners had previously leased each space to local workers and residents in the form of a permit.
Rather than a lease arrangement, CPM took over the day-day running of the car park for a percentage of the site’s takings. Within two days it was cleared of rubbish and overgrown foliage, the entrance barrier was removed and replaced by two new ticket machines, new signage was erected and each car parking space was line-marked for maximum occupancy. By pricing the tariff below the local council car parks, it has meant that it has become popular with local workers, shoppers and visitors to the city.
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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.