Car park banking?



You’ve hear of land banking.  Let me nudge you early adopters into car park banking:

Anne Gibson reports

Central Auckland carparks are on the market for as much as $75,000 – a price one expert says could prove a bit of a bargain in the long run.

A park beneath the Quay West hotel/apartment building at 8 Albert St, near the Customs St East intersection, is leased for $320 a month.

“This is a simple one,” said Barfoot & Thompson agent Jason Buckwell, who is advertising the tiny space.

“A central city carpark. A strip of concrete plus two lines of paint, currently leased for $320 per month.”

Using the law of supply and demand, locking up all the car parks and controlling the market price might be a fun hobby for us crony capitalists

Auckland has a limited number of unit title carparks and Auckland Council has been pushing for more public transport lately, he said.

Those factors, combined with rising office worker numbers and more apartment residents, suggested that demand for carparks would rise, even though the increasing number of apartment residents do not all need carparks, he said.

And rising demand would mean rising prices.

“All this may push the price of rents up in the future, potentially making this a much more appealing investment,”

Source: NZ Herald

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