Melbourne CBD park values continue to rise

Fairfax reported this week that the value of
individual car park bays in the Melbourne CBD are now selling up to $100,000,
due to population growth and Melbourne City Council’s discouragement of
long-term commercial parking.

According to data from Savills Australia, state-titled
single car parking bays, such as the Paramount complex in Bourke Street, are
trading for at least $60,000 each.

The removal of many on-street parking spaces, through
reallocation to loading or disabled zones, coupled with a significant rise in
demand over parking supply, have seen the value of car parks increase

According to Savills, Melbourne City Council’s
strategy to discourage car parking and promote public transport, cycling and
walking was great news for existing owners of car parks, with an ongoing
escalation of car parking rates and capital values can be expected.

Savills will be selling two CBD car parks this year –
a GPT-owned car park opposite Melbourne Central comprising 689 bays over 10 levels,
and a 574-bay car park at 300 Flinders Street owned by Victoria University. The
Melbourne Central site is expected to fetch more than $25 million and the 300
Flinders Street property will be put to the market in coming weeks.

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