7.1 million – Approximate passengers per year.
20,000 – Approximate passengers per day.
24 million – Forecasted passengers by 2030 (BAA).
17,900 – Forecasted demand for long stay parking spaces by 2020.
2,700 – Airport long stay parking spaces (2011).
4,500 – Airport long stay parking spaces released for sale by Park First (2014).
One of the major players in UK retail car parking investments is Park First, part of the Group First group of companies, which in the last two years has acquired and developed six car parks including parking sites at Glasgow Airport.
Park First’s Glasgow Airport investment has proved to be popular. With a £20,000 minimum purchase for a 250-year lease on a space, it guarantees 8% return for the first two years, 10% for years 3 and 4, and 12% for years 5 and 6.
Park First is convinced about the strength of the sector and of the benefits of investments in it, although it is insistent on the primary importance of choosing the right site in order to take advantage of the potential profits.
Toby Whittaker, Founder and Managing Director of the Group First group, cites the Glasgow Airport Master Plan 2011 as underlining the shortage in supply and the heavy demand that should be the hallmark of any car park investment. According to the Master Plan, the airport itself has only 3,490 Short Stay car park spaces and 2,700 Long Stay. That is a total of 6,190 spaces serving 7.2 million passengers in 2009 with further expansion of the airport planned.
Already Glasgow Airport has got off to a fantastic start in January, February and March 2014 with more than 436,000 passengers in January, almost 450,000 in February and 532,000 in March representing a 4.1% increase on 2013. The airport hit the highest in June 2014 servicing over 793,000 passengers to date. These numbers are set to be boosted further by the upcoming international events such as The Commonwealth Games and The Ryder Cup.
Park First parking facilities; a UK commercial property that comes with a recognized, registered title with the UK Land Registry, a reasonable entry level, guaranteed returns and capital appreciation from day one makes this investment attractive. In the UK, Park First estimates that £10 million worth of UK parking spaces were acquired by Self Invested Pension Plans in 2013.
A unique feature for all Park First sites is the online booking software and number plate recognition systems which allows for a very hands-off approach to benefit end users and investors alike.
With international offices in Kuala Lumpur, Kuching and Singapore, Group First has the local support to work with intermediaries and clients in the region and establish mutually beneficial relationships.