CBD Carparks

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From: Fernando Loprete


I was just wondering what peoples experiances are with purchasing carparks in the CBD. Do many people on this forum own any. I ussualy stick to IP's but was passed on a broucher from my account. Thanks in advance.
 
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Reply: 1
From: Jas


Hey Fernando,

There have been a few discussions on this recently. Try a search in the archives on the subject.


Jas
 
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Reply: 1.1
From: Mark Laszczuk


No advice, just something I read in the Sunday Age (I think). Some banana head in Sydney (apparently) paid 120K for a parking space. Wish I was the vendor on that one! What a jackass...

Mark
'no hat, some cattle'

P.S. I've heard parking is a real nightmare in Sydney CBD/inner suburbs, to people that live there: do you think this expense is justified or do you reckon if you live in the area, you're better off with no car?
 
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Reply: 2
From: Glenn Mott


Mark,

I would not say that 120K is an acceptable expense for permanent parking. However, living and working in the Sydney CBD has to be experienced to be believed... it was certainly an eye opener for a boy from suburban Perth!

An apartment in Pyrmont (a short walk to cbd) with a car park can be found for around $250k. A number of owners of these types of properties rent out the apartment separate to the car park and gain increased cashflow because of this arrangement. Some rent out the apartment only and use the carpark themselves.

As investment property, the carpark has a high land component but I wonder whether its value would rise any higher than inflation over the long term??

Glenn
 
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