Car Park

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Three prime Melbourne CBD and St Kilda Road car park investments have come to the market, offering a rare chance to purchase assets within the sector.
Fitzroys agents Paul Burns and Chris James are marketing the three assets for the Deague family which are being offered for sale by EOI “in one line or separately”., and a total net income of more than $2.045 million per annum.
The assets include: 
1 Queens Road (pictured in title), comprises six levels of car parks with 523 bays (650 when stacked), plus 61 storage units within the 14-level office and residential building, St Kilda Rd Towers.
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452 St Kilda Road (pictured above, comprises three levels of car parking with 80 bays, plus three storage units, within a 21-level hotel and serviced apartments building.
480 Collins Street (pictured below), offering a generational chance to secure the only car park in the Melbourne CBD that has direct access from Collins Street. The asset comprises two levels of car parking with 74 bays (110 when stacked), within a 20-level office and hotel building located in the new centre of Collins Street.
Each asset is being offered with a long-term lease in place.
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The tenant has operated a profitable car parking business in each premises over many years. “Commercial car park investments are likely to be particularly strong post-COVID. Employees will inevitably prefer driving to work as opposed to using public transport, and employers will secure parking bays to accommodate this preference,” Burns said.
“The tenants in these assets have committed to not seek any rent relief as a consequence of the COVID-19 situation, guaranteeing the purchaser a 100% return on their investment, without interruption. The secure lease agreements offer no vacancy risk for almost six years, and, if or when a lease expires, there are negligible re-leasing costs.”
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Three Melbourne CBD car park investments listed

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GUEST OBSERVATION
A plan to provide homeless people with overnight beds and shelter in car parks might sound like a good idea but it does little to solve their problem in the long term.
There are other proven ways we can help those sleeping rough to break out of the homelessness cycle. And Australia certainly has the wealth to back such schemes.
That’s why it’s important to treat homeless and roofless people as more than charity cases.
A bed for the night
The charity <a href="https://beddown.org.au/" target="_blank">Beddown</a> started a two-week trial with Secure Parking to invite people sleeping rough to spend the night on inflatable mattresses <a href="https://www.brisbanetimes.com.au/national/queensland/car-parks-transformed-into-pop-up-accommodation-for-homeless-people-20190927-p52vgt" target="_blank">in a car park in Brisbane’s CBD</a>. It hopes to run similar trials in Melbourne and Sydney.
The mattresses-in-car-parks idea adds to similar charitable models in Australia that include <a href="https://orangesky.org.au/" target="_blank">mobile laundries and showers</a> for people who are homeless, as well as <a href="https://www.sleepbus.org/" target="_blank">buses fitted out with beds</a>.
These charitable endeavours receive almost unanimous <a href="https://www.kidsnews.com.au/humanities/beddown-trial-provides-sweet-dreams-and-a-good-nights-sleep-for-people-experiencing-homelessness/news-story/c1b2924ff9af53125257dc3a4fc036a3" target="_blank">positive attention</a> <a href="https://7news.com.au/news/qld/brisbane-carpark-turned-into-pop-up-shelter-for-the-homeless-is-changing-lives-already-c-502732" target="_blank">from the media</a>.
<a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2017-01-24/young-australians-of-the-year-offer-advice-to-2017-nominees/8208554" target="_blank">Some of the creators</a> of these charities even receive prestigious national awards.
How to really end homelessness
Instead of pop-up beds in car parks and mobile laundries and showers, which all start with the best of intentions, as a society we can and should immediately end homelessness for people sleeping rough.
This is not utopian nor is it unrealistic. We have <a href="https://www.propertyobserver.com.au/https://www.journals.uchicago.edu/doi/pdfplus/10.1086/676318" target="_blank" title="Exiting Unsheltered Homelessness and Sustaining Housing: A Human Agency Perspective">rigorous evidence</a>, based on research with programs in Australia’s capital and regional cities, that demonstrate <a href="https://www.sacredheartmission.org/docman/publications/26-publications-sustaining-exits-from-long-term-homelessness-48-month-evaluation-2015/file" target="_blank">we can permanently end homelessness</a> for people on the streets and those who have experienced chronic homelessness.
The evidence even shows how we can end homelessness for <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/hsc.12835" target="_blank" title="Evidence for an integrated healthcare and psychosocial multidisciplinary model to address rough sleeping">people who are sleeping rough</a>.
The results show between 80% and 90% of people who are supported to exit rough sleeping through <a href="https://www.ahuri.edu.au/policy/ahuri-briefs/what-is-the-housing-first-model" target="_blank">Housing First programs</a> sustain their housing for at least 12 months.
Three things are critical.
The first is assertive street outreach that systematically works to identify and support people to get off the streets. Some models consist of clinicians working in street outreach teams to help overcome the health barriers to people exiting the streets.
Second is the accessibility and availability of long-term and affordable housing. People need to access housing as a tenant, not as a client of a conditional program. The availability of housing is essential to ensure assertive outreach is able to offer people what they need.
Third is a flexible model of integrated social support and health care for people after they are housed. The ongoing support needs to be driven by the tenant, not mandated, and available for as long as required.
Action saves money
When we do not change our systems and practices to enable people sleeping rough to access housing, we waste money responding to the consequences of our failed policy decisions.
<a href="https://theconversation.com/supportive-housing-is-cheaper-than-chronic-homelessness-67539" target="_blank">Australian research</a> using government administrative data showed an average annual saving to government services of A$13,100 per person for ending their homelessness with permanent supportive housing.
When people are housed they use less criminal justice and health services than when living on the streets.
Given the evidence and technical knowledge we have for ending homelessness, it is important to consider whether charity models such as Beddown and others that offer temporary solutions run the risk of adverse unintended consequences.
The uncritical praise and celebration these endeavours attract can let governments off the hook for their responsibility to provide affordable housing to homeless people.
These <a href="https://www.feantsaresearch.org/download/think-piece-12032277176126500690.pdf" target="_blank" title="Charity and Justice: A Reflection on New Forms of Homelessness Provision in Australia">charitable measures can distract from work</a> to permanently end homelessness and they normalise homelessness as a social fact.
Furthermore, <a href="https://www.hpw.qld.gov.au/Housing/PartnershipInitiatives/DignityFirstFund/Pages/default.aspx" target="_blank">some of these models</a> receive direct government funding.
When reflecting on mattresses in car parks for people who are homeless, we need to ask ourselves, can we do better? The evidence shows we can.
A lucky country for some
The Australian government proudly proclaims our <a href="https://www.austrade.gov.au/International/Invest/Resources/Benchmark-Report" target="_blank">28 years of uninterrupted economic growth</a> as a record for developed nations.
<a href="https://www.credit-suisse.com/about-us-news/en/articles/news-and-expertise/global-wealth-report-2018-us-and-china-in-the-lead-201810" target="_blank">Credit Suisse says</a> Australians have the highest median average wealth per adult in the world, ahead of Switzerland.
So we clearly have both the wealth and technical knowledge to end homelessness, particularly for the <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/2049.0" target="_blank">estimated 8,200 people</a> the Australian Bureau of Statistics identified as sleeping rough on the 2016 Census night.
Providing mattresses in car parks may make volunteers and the public feel good, but we have to recognise that people who are homeless access this resource as charity recipients, who may feel inferior, especially when they cannot reciprocate.
If we don’t provide enough access to housing, one of the consequences is that people who are homeless become dependent on the goodwill of volunteers who provide bedding and washing facilities.
Rough sleepers need to be seen as people who require housing to enable them to control the conditions of their lives. Charities and their motivated volunteers are well positioned to innovate and push governments to do what they have otherwise been unwilling to do: create housing for all Australians.<img src="https://counter.theconversation.com/content/125235/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Cameron Parsell, Associate Professor, School of Social Science, The University of Queensland.
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/beds-in-car-parks-dont-solve-australias-rough-sleeping-problem-125235" target="_blank">original article</a>.
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Beds in car parks don’t solve Australia’s rough sleeping problem

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Castle Hill RSL Group, owner of the Parramatta RSL Club, is selling a car park site in Parramatta CBD’s commercial precinct. 
The 1874 sqm development site is zoned B4 Mixed-Use – the most flexible zoning available in Parramatta CBD.  
Future developments have the capacity to yield circa 100 apartments up to 54 m tall, subject to council approval, and to reach over 11,200 sqm with the potential for this to increase through Design Excellence. 
CBRE’s Frank Oliveri, Peter Vines and Victor Sheu have been appointed to market the site at 7 Macquarie Street.  
“In recent years, it has been difficult for investors and developers to secure B4 zoned sites in Parramatta CBD due to the lack of quality stock, let alone the opportunity to secure a site overlooking the vast greenery Parramatta Park on a delayed settlement,” Mr Sheu added.  
Mr Sheu said the site would suit a range of permitted uses, with consent ranging from residential, commercial, community, educational, hotel or motel accommodation, seniors living and more. 
“With a wide range of potential uses and scarcity of space in the burgeoning business district, the property is expected to attract an array of potential developers,” Mr Sheuconcluded.
The Expressions of Interest campaign closes May 8 2019.
The site has been on market since March in 2017, over two years.
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Parramatta RSL to sell car park site

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Sydney’s Bayside Council has launched a public campaign through Savills Australia to solve the parking squeeze in Brighton Le Sands.
Any property-based solution may or may not incorporate the existing council carpark at 1–7 The Boulevarde, according to Savills.
Accordingly, industry players are being sought for a shortlisting process for a Request for Proposals (RFP) process in late 2017 or early 2018.
The Rockdale City Council (now Bayside Council) commissioned a Brighton Le Sands Parking Strategy report in June 2014 as the first stage of the Brighton Le Sands Masterplan.
The report identified a shortfall of 211 car parking spaces in the Brighton Le Sands core area.
The council-owned Boulevarde car park in Brighton Le Sands was identified in the implementation plan as a Council asset that could be upgraded and considered a car parking solution in the town centre.
The 2,186 sqm site at 1–7 The Boulevarde currently provides a total of 250 car parking spaces, SP3 Tourist Zoning with permissible FSR of 3:1 and height of 28 metres and is located in the heart of Brighton Le Sands’ vibrant entertaining village precinct.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/13/Brighton2.jpg" alt=""> 
Surrounding zoning is a mix of B4 and R4, high density mixed use and residential, 28 to 51 metre height and permissible FSR ranging between 3:1 and 4:1.
There are a total of 2,595 car parking spaces within Brighton Le Sands, including a number of clearway parking spaces on The Grand Parade. Of these, 2,168 car spaces are located on-street and 427 spaces are located off-street within the Cole’s car park and The Boulevard car parking station. 
In addition, some 336 spaces are provided within the privately operated car park associated with the Novatel development located on the northwest corner of The Grand Parade/ Bay Street intersection.
 
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Sydney’s Bayside council seeks to expand car park to meet shortfall: Savills

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BRW Rich Lister Lloyd Williams has sold a property that includes one of Melbourne CBD's biggest car parks for the expected $120 million when he listed it.
The buyer was a Hong Kong investor who has been building up his portfolio in Australia.
He had listed the 16-level property at <a href="https://www.urban.com.au/expert-insights/investing/67575-lloyd-williams-lists-flinders-street-melbourne-carpark" target="_blank">114 Flinders Street</a>, which includes retail, 1200 car bays and office spaces earlier this year. 
It sold on a tight yield of about 5 per cent, reflecting the sharp yields typical of the long-term returns delivered by off-street parking, the Australian Financial Review reported.
Williams bought the property in $54.5 million in 2007. 
That price reflects the depth of demand in the market, which is pushing commercial property prices toward a peak.
The selling agents were CBRE’s Mark Wizel, Kiran Pillai and Lewis Tong, and Knight Frank's Martin O'Sullivan and Paul Henley.
The car park at the city's east end has five ground-level retail tenancies, and above that 1200 car bays over a series of levels.
The tower overlooks Flinders Street and the Yarra River. In addition to the car parks, it has five levels of retail and six levels of office space. 
The buyer is HK Realway, a private player that has been steadily accumulating a local portfolio. Two years ago the Hong Kong group bought a George Street office tower in Sydney from Abacus Property Group and its joint venture partner AM Alpha for $112.3 million, the AFR noted.
For the Flinders Street property, HK Realway, made an unconditional bid through Thomson Geer's Eu Ming Lim.
The Hong Kong platform bought a North Sydney office tower for about $58 million from CorVal in 2015. It also owns the owns the Cinema Centre Car Park in the Sydney CBD.
Williams is best known for his property and horse racing interests. He founded Hudson Conway in the 1970s and developed the Crown casino complex. He also owns a record five winners of the Melbourne Cup. 
In January, Williams sold the Southbank headquarters of Hudson Conway for $11 million to a mainland Chinese company.
That property had development approval for a 16-level residential tower of 91 apartments.
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Lloyd Williams strikes hot $120 million deal for Flinders Street car park

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A listed Singaporean company has bought a Flinders Street commercial car park for an undisclosed sum following a keen contest for the site with views towards Southbank and future development potential.
The 1,270 sqm car park at 380 Flinders Street was sold by Colliers International’s Daniel Wolman, Matthew Stagg and Oliver Hay on behalf of a family that held it for more than 30 years. 
The seven level, 315-bay car park is a purpose built facility, accessed via Flinders Street with two other entrances/exits to Foxton Lane and Tavistock Lane. It is managed by Secure Parking, with the top floor leased to AAPT for its fibre cabling network, as well as ground floor retail.
Wolman said the international expressions of interest campaign drew more than 150 enquiries from interested buyers across Australia, China, Singapore, Malaysia and Hong Kong.
The eventual purchaser was a listed company out of Singapore.
Wolman said the property had future development potential once leases expired. 
“The property is located next door to the former Fletcher Jones site at 1 Queen Street, which has a permit for 18 levels on only 746 sqm,” he said. 
“It overlooks the Yarra River, with views directly towards the Crown Casino precinct.”
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Singapore-listed firm snaps up Flinders Street car park in Melbourne

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A bumper 1,000-plus car bays are up for grabs in Melbourne as part of an unprecedented property portfolio sale by Singapore's Lim family.
Colliers International’s Matt Stagg, Daniel Wolman, Oliver Hay and Trent Hobart have been appointed to sell two major commercial car parks at 380-406 Queen Street (corner A’Beckett Street), Melbourne and 16-32 Leicester Street, Carlton.
380 Queen Street is expected to attract interest in excess of $70 million, while 16-32 Leicester Street is estimated to sell for around $40 million.
“It is the biggest car park portfolio to be offered for sale in the Melbourne CBD for more than 10 years,” Mr Stagg said.
“On its own, this portfolio is substantial and unique, but current market conditions elevate the offering to an unprecedented level.” 
380 Queen Street is a large, 3,218sqm site that is home to a six-level commercial car park comprising 556 bays, constructed in 1987.
Situated in a high profile location on the corner of Queen Street and A’Beckett Street, it also includes a 1,917sqm ground floor showroom and office.
16-32 Leicester Street is a 2,040sqm site comprising a six-level commercial car park with 454 bays, on the border of the Melbourne CBD.
“The sale of the two properties comes at a time when the number of purpose-built commercial car parks throughout the Melbourne CBD and city fringe is rapidly reducing,” Mr Stagg said.
The car parks may be be purchased as a portfolio.
 The portfolio is for sale by international expressions of interest closing Thursday 8 October, 2015 at 3:00pm.
The Lim family paid $9 million for the larger six level car park on the corner of Queen and A'Beckett Streets and $4.5 million for the Carlton car park at 16-32 Leicester Street in the early 1990s.
The two car parks failed to sell 1999 when they were listed with hopes above $15 million.
Cox Architects have prepared a development scheme for a 71-storey residential tower with 850 apartments on the Queen Street site and 17-storey student housing block with 250 apartments on the Carlton site, but without any development approvals.
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$100 million-plus Melbourne commercial car park portfolio‏

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The car space - Lot 83 at 106 Elizabeth Bay Road, Elizabeth Bay - sold at Ray White auction yesterday at $158,000.
Conveniently located on the entry level of the Riviera residential complex, it was a rare opportunity to purchase a car space within the highly coveted Elizabeth Bay 'Loop'.
Ray White agents Ian Campbell and Penny Timothy had four bidders <a href="https://raywhiteelizabethbay.com.au/nsw/elizabeth-bay/1335228/" target="_blank">on the open air 13.4 square metre space</a>.
It last sold back in November 2004 at $65,000, with bidding starting at $70,000 last night. 
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<div>Two of the bidders dropped out around $120,000.</div>
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<div>Car space sales the same street address included $85,000 in early 2008 and $100,000 in 2012.</div>
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The Loop, Elizabeth Bay sees $158,000 car space auction

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A prime Adelaide CBD multi-deck car park with development potential in central Adelaide has sold for $27,001,000. 
The sale price represents a rate per bay of almost $47,000.
Colliers International’s Ian Thomas, Alastair Mackie and Paul Van Reesema sold the Union Street car park located at 52-70 Frome Street in Adelaide.
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