The car park at 522 Flinders Lane in Melbourne has recently been sold by ISPT for $38 million to a local private buyer. We understand that the car park comprises around 1200 spaces and therefore this would indicate a price per bay of just over $30,000.
Knight Frank agent Clinton Baxter said that new apartment and office towers were generally adopting lower car-space ratios and new car parks were less likely to be approved by the government, making the opportunities to buy CBD car parks extremely scarce.
Read the full article from The Australian, Melbourne car park nets $38m, here.
Related PCI blog articles: What are the key things investors look for in a car park? and Car Park Values Remain Strong.