A report by Pastor Real Estate which analyses carparks in the Mayfair and Marylebone areas of London concludes that £1.3bn of prime development land is tied up in 18 sites and some 4,500 parking spaces.
The Mayfair-based company’s head of sales, David Lee, notes that more and more developers are looking at carparks as they search for residential land in the centre of the capital. A change into prime residential use could add as much as 300% to the value of such land.
Demand for cars among London’s residents is falling. The report says some 64% of Mayfair residents do not own a car, while for London as a whole the figure is 42%.
The Daily Telegraph, p. 24
