Car Park Bakers Alley, High Street, Alton, Hampshire, GU34 1BD

Description

A freehold town centre car park comprising approximately 21 parking spaces. Two spaces currently generate £3,000 per annum under licence agreements, and three spaces are allocated to two existing commercial tenants. Letting the remaining 16 spaces at £1,500 per annum each would bring the total potential annual rental income to £27,000. ANPR parking management is currently in operation. The existing agreement allows the seller to terminate on completion of a sale. A purchaser wishing to retain the ANPR system and management service may negotiate a separate agreement with the parking-management company. The existing layout may offer scope for reconfiguration, including removal or reconfiguration of the yellow-box area, potentially creating additional parking spaces beyond the current approximately 21-space layout. The property also presents potential for individual space sales and residential development comprising multiple dwellings, subject to existing rights and obtaining the necessary consents.

Accommodation

21 car parking spaces and associated hard standing area

Location

The property occupies a central position within Alton town centre, close to retail, leisure and hospitality amenities. Bakers Alley benefits from convenient access to the High Street and surrounding commercial areas. Alton railway station is within walking distance, and the town has road connections via the A31.

Tenure / Property Information

Investment Analysis

The property is a freehold town-centre car park of approximately 21 spaces. The supplied sold comparables are High Street properties classified as “Other” and do not provide a reliable valuation basis for this car park. No specific car-park sales or rental comparables are supplied, so GDV and a supported maximum bid cannot be established. The £27,000 annual figure is an auctioneer estimate based on letting the 16 vacant spaces at £1,500 per annum each, not achieved rent.

Investment Snapshot

Strategy Recommendation

Consider as a specialist income-led freehold car-park investment only after legal-pack review, confirmation of rights and verification of demand for the 16 vacant spaces. Do not underwrite the purchase on residential development or reconfiguration potential without professional advice and consents.

Works Required

No refurbishment works are evidenced. The investment case would involve verifying the existing layout, licences and rights, and potentially reconfiguring the yellow-box area or parking layout, subject to legal and planning requirements. Any continued use of the ANPR management system would require a separate agreement.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A conventional BRRR valuation and refinance analysis cannot be completed because no supported GDV, car-park valuation evidence, refurbishment budget or lending costs are supplied. A 75% refinance figure is therefore not supportable. The principal value proposition is income generation rather than evidenced refinance uplift.

Buy-to-Let Analysis

At the £50,000 guide, the auctioneer’s potential rent estimate of £27,000 per annum equates to a 54% gross yield before costs, assuming all 16 vacant spaces are let at £1,500 per annum and the existing £3,000 income continues. Current identified income is only £3,000 per annum, equivalent to 6% on the guide. The £27,000 figure is not supported by external achieved-rent evidence and depends on letting the vacant spaces.

Flip Analysis

A flip or development exit cannot be quantified. The supplied High Street sales are not sufficiently comparable to the car park, while residential development and additional spaces are only potential opportunities subject to rights and consents. No supported resale value, development appraisal or selling-cost allowance is available.

Investor Risks & Due Diligence

• The £27,000 annual rent is an auctioneer estimate rather than achieved passing income.

• Sixteen spaces are currently vacant, so the potential income depends on future letting demand and occupancy.

• Three spaces are allocated to two existing commercial tenants, and the legal basis and effect of those allocations require review.

• The existing seller agreement allows termination of the ANPR system on completion; retaining the system requires a separate negotiated agreement.

• Reconfiguration or creation of additional spaces may be constrained by rights, layout, planning or other consents.

• Potential residential development is expressly subject to existing rights and obtaining the necessary consents.

• Buyer premiums, administration charges and other auction costs are not supplied and are excluded from the guide-only cost calculation.

Recommendation

Consider as a specialist income-led freehold car-park investment only after legal-pack review, confirmation of rights and verification of demand for the 16 vacant spaces. Do not underwrite the purchase on residential development or reconfiguration potential without professional advice and consents.

Strategy Rating

Analysis Confidence

The tenure, approximate capacity, existing licence income and auctioneer rent estimate are supplied, but there are no specific car-park comparables, external rental evidence, condition survey, fees, development appraisal or supported GDV.