A unique opportunity has hit the market recently with the offering of a portfolio of car parks in Melbourne. The portfolio is being marketed by Paul Burns and Chris James of Fitzroys.
Included is the car park at 1 Queens Road. It comprises 523 car parking bays plus 61 storage units and has a net income of $1,174,114 and a six-year lease. The car park is below St Kilda Road Towers, a 15-storey office/accommodation building.
At 480 Collins Street is apparently the only car park with direct entry from Collins Street. It is situated nearby the major towers Collins Arch, Olderfleet and Rialto Towers and comprises 74 car parking bays and has an income of $515,455 per annum. The car park is below Collins Street Tower, a 20-storey building with 700 sqm of retail space on the ground level, serviced offices on levels 2 to 4, the Oaks on Collins Hotel with a total of 290 hotel suites on levels 5 to 17 and residential apartments on levels 18 to 20.
The third offering in the portfolio is 452 St Kilda Road, under the Blackman Melbourne, a 21-storey hotel with 216 serviced apartments. The Blackman parking consists of 80 car parking bays plus storage units and a net income of $356,138.
The car parks can be purchased in one line or separately. If purchased together they represent a high yield opportunity with a combined yearly income of $2,045,707 derived from low maintenance properties.