Occasionally, people inquire as to the costs involved in building a car park. This is not an easy question to answer as there are many variables to consider — Is it at-grade or multi-storey, CBD or regional, number of bays, which state and city?….I rest my case!
Fortunately, there are excellent resources available for a quick “back-of-the-envelope” calculation to get you started. For example, the Annual Rider’s Digest produced by global quantity surveyor and advisory group, Rider Levett Bucknall (RLB). Not only will you find the estimates of construction costs for Car Parks, but also for Office Buildings, Shopping Centres, Cinemas, Warehousing, Industrial Buildings, Aged Care, Hospitals, Residential Units, Swimming Pools, Roads and more!
2021 car park construction costs
The cost to build a car park in Australia varies significantly according to the city (cost range per gross floor area – $/m2):
- Open Deck Multi-Storey: $650 to $1,500
- Basement (CBD): $1,060 to $3,100
- Basement (Other than the CBD): $950 to $2,800
- Undercroft (Other than CBD): $580 to $1,200
The Rider’s Digest cost range[i] per Australian capital cities are detailed in the charts below (click to enlarge):
It’s not surprising that basement car parks are the most costly. It’s interesting to note that the cost of building a basement car park in Perth is significantly more expensive than in any other city analysed (Basement: CBD cost per square metre varies from $1,800 to $3,100 and Basement: Other than CBD, $1,400 to $2,800).
Brisbane recorded the highest cost per square metre range ($1,000 to $1,500) for Open Deck Multi-Storey car parks.
What’s the selling price of car park spots?
In Sydney, a double car space was on the market for $525,000 in 2022! The record sale last year was for a parking spot in Potts Point, which was sold for $305,000. COVID has influenced transport to work behaviour. To minimise exposure to the virus commuters have switched from public transport to driving, increasing the demand for parking in Sydney CBD. In January 2022, listings were within the $100,000-190,000 range for a parking spot in the CBD.
Those planning to build a car park now need to consider the many trends affecting the parking industry. Check out more resources on this topic:
Blog post with video: Repurposing and future-proofing car parks
Article: The future-proof car park
Article: Commuter car parks – how to make it right
[i] Source: RLB Publications. All costs are per gross floor area – $/m2. Prices are current at 4th Quarter 2020. All figures exclude GST, land, legal and professional fees, loose furniture and fittings, site works and drainage, Telstra and private telephone systems and tenancy works.
Cost to neighbour for parking in a private common area which is meant for both to reverse in and out of garage,only one complys.