Land creates parking opportunity

Property developers are increasingly turning their undeveloped land into temporary car parks and generating significant, extra revenue as a result, has revealed.

Indeed, a number of savvy developers have earned an average of over £30,000 each in the last 12 months by renting out parking spaces on land awaiting development, with some earning over £100,000 in extra revenue.

With reports suggesting that housebuilders possess enough land to build 600,000 new homes, or alternatively park 4.8 million cars, is reminding the industry of the huge financial benefit of renting out land they’re not currently using for car parking.

According to those with land stocks near to city centres, railways stations and sports venues could benefit the most.

‘We were waiting for planning conditions to be cleared before we could start development and the land was just sat empty. The site was big enough to accommodate 45 cars, so it made perfect sense to turn it into a temporary car park and rent out the space,’ commented Andrew Butterworth, sales director at Bruntwood. ‘Not only did it generate extra income for us but it stopped the land becoming overgrown and gave local people a place to park in an area that can be notoriously difficult to find a space. managed everything so it took up very little of our time, and now our planning permission has been granted YourParkingSpace are moving out and we can start building.’