I’ve been working with a client at the moment up in Sydney that are in a similar situation within walking distance to train and they’ve got one car space and they’re actually looking at buying a second. Now, that’s in Sydney-centric issue but Dockland’s being very close to CBD. Obviously, there’s a lot of apartments in Docklands so it needs to come down to saying what is the actual block they’re living in, what is the total amount of car spaces versus owner-occupiers or total occupiers of that property.
But for me personally in those inner-city markets where car spaces are at an absolute premium, there is opportunities for multiple, multitudes rather of different ways that they could look at monetising that. It all comes down to effectively the square meterage of the real estate versus the rent they can get from it if they choose to potentially sub-let it to someone else or alternatively if they needed internally.
It’s very rare for me see a parking space purchased on title of an additional property that hasn’t makes sense over time in high growth areas, which have good access to amenities as well as transport where people can come and park and potentially live that they can walk in take public transport or commute elsewhere so I personally will be jumping at it as long as they do their comparisons and figure out what property with and without a car space looks like and make sure they’re not overpaying for it.