Bloomsbury square car park leased to secure parking
23 January 2013
London Borough of Camden has leased Bloomsbury Square car park to private operator Secure Parking to 2069.
Advised by Deloitte Real Estate, the Council has successfully let its Bloomsbury asset in a deal worth several million pounds. The deal will see Secure Parking pay a substantial base rent with a ratcheted share of turnover starting at 65% over a base threshold. Secure Parking will also carry out a substantial £3m refurbishment, a cost which would otherwise have come from the Council’s capital programme and a saving which can now be put towards schools in the Borough.
Mike Elrin, UK commercial manager at Secure Parking, said: “This is a fantastic opportunity for us in the UK and we will be showing the market how our different approach to driving revenue into the car park delivers growth and results.”
Adam Mohamedally, who negotiated the transaction from Deloitte Real Estate, said: “This is a great example of one of the ways in which councils can make the most out of their extensive property portfolios. The key here is moving something that is non-core for the Council to an organisation who is better positioned to maximise the use of the asset and ensure that the Council sees a share of the upside. The appetite for UK car parking is strong both from existing UK operations and a number of international players who we know are looking for their way into the market.”
Bloomsbury Square car park is a 455 bay, seven storey underground car park located directly beneath one of London’s oldest squares, in Holborn. The car park services hundreds of local businesses and hotels and is only a block away from the hugely popular British Museum. It is approximately a five minute walk to Covent Garden and less than 10 minutes away from West End theatres.
This will become Secure Parking’s flagship car park adding to its existing UK portfolio including Westfield car parks.
Notes to editor:
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.
About Secure Parking
Established in 1979, Secure Parking is an Australian-owned car park operator that operates over 1000 car parks in nine countries. As the world’s most innovative car park solutions provider, Secure Parking has the vision, experience, expertise and flexibility to assist car park owners maximise the potential of a car park asset. Our success is built on our ‘System4Success’ approach to car park management, award-winning marketing and the integration of the latest technology to deliver value to our customers and increase asset value for our clients.
For more information, please visit www.secure-parking.co.uk