The London Borough of Camden has leased Bloomsbury Square car park, WC1, to private operator Secure Parking until 2069.
The council has successfully let the seven-storey asset in a deal worth several million pounds.
The deal will see Secure Parking pay a substantial base rent with a ratcheted share of turnover starting at 65% over a base threshold.
Secure Parking will also carry out a £3m refurbishment.
Deloitte Real Estate’s Adam Mohamedally, who negotiated the deal for the council, said: “This is a great example of one of the ways in which councils can make the most out of their extensive property portfolios.
“The key here is moving something that is non-core for the council to an organisation who is better positioned to maximise the use of the asset and ensure that the council sees a share of the upside.”
