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Off street car parking lost due to increasingly higher alternative use values

Off street car parking lost due to increasingly higher alternative use values

Westminster City Council are considering letting the top level (50,000 square feet) of Cavendish Square car park for other uses. A large prime West End underground space for around £30 per square foot (£1.5m per annum). Unfortunately, this is too expensive for the new Marylebone library which is now planned for the Seymour Centre. The council is offering the top level of the three-tier car park to a range of occupiers. Commercial space above ground in the area can cost as much as £100 per square foot. We understand that a number of uses are being looked at, including a gym, restaurant, bar, museum, health centre, or a depot for an online retailer of logistics firm. It has vehicle access, a staircase, a lift, 78 light wells and a central ceiling height of 2.7m.

Any change would follow an established local trend. The NCP car park on Welbeck Street is set to become a hotel. The Paddington Street car park became the Chilterns W1. Moxon Street car park is being redeveloped as Marylebone Square by Ridgeford, but will retain 96 public car parking spaces. Part of Q-Park Harley Street is applying for planning permission to become a self storage property.

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Tuesday, 28 February 2017

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