Care Park launches into the UK
$30 million spent on 3 car parks in UK and Australia to bring property portfolio to $200 million
Care Park has started 2017 with the expansion of its car parking portfolio into the UK with the purchase of a 1500 car park property in Manchester, as well as its first property purchase in New South Wales and a third property adding to its growing Victorian portfolio.
Care Park, headquartered in Melbourne, Australia, has operations in five mainland Australian states of Queensland, New South Wales, Victoria, Tasmania and South Australia and overseas in New Zealand, Malaysia and now the UK.
Care Park paid almost $30 million to acquire these three premium properties.
Care Park’s first UK purchase, the Boundary Farm Car Park (purchased for GBP 13.4 million) in Manchester, services Manchester Airport and provides 1500 bays to customers.
The Monkey Bar car park in Sydney’s northern reaches of Chatswood marks Care Park’s first property acquisition in New South Wales. This 250 bay facility services a retail and commercial complex.
In Melbourne’s inner eastern suburbs, the acquisition of the car park in the Acacia Place residential and commercial development in Richmond, gives Care Park 125 bays in this complex.
Care Park managing director Robert Belteky says: “The total acquisition cost is approximately $30 million and takes Care Park’s car park portfolio to a total value approaching $200 million.”
Care Park will immediately begin a refurbishment program at the Boundary Farm property which includes asphalting the surface and reconfiguring the layout to increase capacity to 1800 bays. The car park equipment will also be upgraded with an automated state-of-the-art parking management system being installed which will include the online parking reservations and introduction of the Care Park Parki phone app technology.
Manchester airport is the fastest growing airport in the UK and the Boundary Farm car park purchase respresents a significant upside for Care Park’s first acquisition in the UK. The car park operates as a Park and Ride facility serviced by shuttle buses to and from the airport.
Before being converted to a car park, Boundary Farm’s greenhouses were home to a tomato farm. As the airport activities grew, the previous owners found it more profitable to park cars in the green houses than grow tomatoes and so began the roots of the current day car park.
Robert Belteky says: “The acquisition is a very attractive investment providing not only a strong yield on investment return but also significant potential to further extend the capacity of the car park and implement technology based innovations, operating and marketing initiatives through Care Park to further enhance the value of the investment.
“The asset provides a substantial base from which Care Park can grow a successful car parking business in the UK.”