“Parking Space, The Final Frontier…”
Captain James T. Kirk didn’t precisely say these inspiring words before setting off on his bold five-year mission, nevertheless, space is certainly a valuable commodity in London generally and particularly in and around the “Rolfe East area”; and the fact is that parking spaces and garages are becoming a highly profitable…enterprise!
Many people are unable to step on to the property ladder straight away, and may need to look at different ways and solutions in order to build up a portfolio and a “nest egg” to help them to do so.
There are a variety of very good options that can be considered and – as your trusted independent agent – we can assuredly offer our professional expertise on what is available, the procedure, and the potential outlay and returns. Just some of the possibilities, which includes parking facilities, are hotel rooms, holiday lodges, international properties (via Rolfe East International), or commercial ventures (via our Commercial Property Team).
With regards to the commercial suggestion, it is worth noting that – as a result of the last budget – it appears on the evidence that only residential landlords will be restricted in their ability to claim the basic rate of tax of 20% (rather than 45%), thereby making commercial projects (including garages and parking spots) an even more rewarding idea.
To demonstrate how expensive parking is at the high-end of the scale, for example the Dickens Yard residential development in Ealing, a berth would not leave you too much change out of £50k.
However, to give a picture about the prospects on a more reasonable outlay, a place in Madeley Road, Ealing – which is walking distance from Ealing Broadway and North Ealing stations – would currently cost in the region of £15k. Now, if you’d have taken the chance to buy at this location 10 years ago then your money would have been doubled on that particular deal!
So, it is well worth contemplating, and if factors such as walking distances to current transport links are taken into account when choosing – and with the reality of Crossrail looming ever nearer – then this is likely to prove a highly desirable item and a smart investment in a relatively short space of time.