Sydney Airport car parking spots now selling for $57,000
By David Flynn, November 15 2013
Spaces at the Sydney Airport Park & Fly car parking station will be sold outright to the public for almost $57,500 under a scheme to offer 'strata shares' in the facility.
Double car park spaces carry a price tag of $104,500, according to a pitch sent to members of Park & Fly’s Frequent Parker loyalty program which touts a 6.5% net return per annum.
Under strata title ownership each car space could be "bought and sold without restriction" Park & Fly says. "The purchase of a Park & Fly car space presents a never before and likely never again investment opportunity".
Park & Fly Sydney occupies the former Ansett Australia carpark which was snapped up by a group of cashed-up investors when the airline collapsed in 2001.
The company says that car parking spots "both in Australia and globally are in extremely high demand", citing "sales frenzies" for parking spots in Hong Kong.
However, that market seems to have gone off the boil according to Hong Kong newspaper The Standard, which reports that "owners are finding it tough to sell - or even rent out - parking slots, and slashing prices seems to be the only way out."
But if you've got a lazy $60k floating around, click through to stratacarparks.com for more details on the deal.
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David Flynn is the Editor-in-Chief of Executive Traveller and a bit of a travel tragic with a weakness for good coffee, shopping and lychee martinis.
Velocity
19 Jun 2013
Total posts 66
Silly me. There I was, thinking for a moment that $57K was the new daily charge for the domestic carpark. Don't laugh... anything's possible with SACL.
Seriously, how idiotic are things becoming? Will getting a space at P&F become harder than it already is? Is the $57K for an undercover spot, or for the outdoor self-park area?
Qantas - Qantas Frequent Flyer
17 Aug 2012
Total posts 2199
The only question I have is, "How the hell do I rent it out?"
Velocity
19 Jun 2013
Total posts 66
Presumably, P&F manage the spot for you, like owning a unit in a Quest or Oaklands serviced apartment. But... If you as a frequent traveller, own a spot, do you have access to it anytime, at no extra charge? In which case, if I travel overseas regularly for weeks at a time, owning a spot would be the most economical thing. Park for say, 6 weeks or 6 months for no cost? Whacko. Where do I sign?
Qantas - Qantas Frequent Flyer
17 Aug 2012
Total posts 2199
I think it's even more valuable for large organisations with many frequent flyers; the serviced parking lot(s) owned can be used by any of the organisation's road warriors.
Velocity
19 Jun 2013
Total posts 66
Yep. That's exactly what makes me worry that if this scheme "takes off" (pun intended, sorry...), it will become far more difficult for ordinary but regular travellers to get a spot, than it is already. I am sure greed will win in the end, but all in all, a BAD IDEA (P&F management take note, if you are following this).
Qantas - Qantas Frequent Flyer
17 Aug 2012
Total posts 2199
It's a great idea - for them.
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