How to Build a Watertight Business Case for Additional Parking Capacity
Modelling demand is just one aspect of the business case for creating additional car parking capacity. Yet, even when there is accurate modelling of parking demand, there are several issues still to be addressed.
Cash is king in any business. Future parking revenues might look attractive, but a significant time lag before cash flows become positive adds a major risk factor. A financial case might also be built on releasing land for development by adding decks to areas of surface level parking. The time needed to plan, build and commission a traditional multi-storey car park might be enough to discourage land owners and investors from taking the first step.
What if there was a way to speed up the development process? And to create the additional parking capacity in sections so that land assets can be progressively released for redevelopment? Those benefits would certainly boost the business case.
The modular car parking solution developed by Osborne and Siderpark can add one or two decks to an existing surface level car park without needing foundations to be dug. The steel frame is assembled rapidly so the new car park is up and running with minimum delay. And the structure can be progressively extended so that land can be released in stages.
The partnership also has the resources and knowledge to expedite the design and planning phases to truncate the project timeline.
A More Productive Resource
Other designed-in features of the modular solution help boost productivity. The structure is easy to maintain, extend and modify if needed. Small sections of the car park can be repaired in isolation without having to shut off an entire deck.
Any comprehensive business case will have to take the environmental impact into account. It’s easy to add PV panels and electric vehicle charging points to generate additional revenue and make the project more environmentally friendly. A reusable steel structure will have less environmental impact than reinforced concrete.
The reusable nature of the structure leads to the final business benefit – flexibility. Demand for parking spaces could change over time. Land values and planning policy changes might throw up more productive opportunities for the space. The modular structure can be quickly dismantled and moved to a new location so that no future business opportunity is closed.
From a variety of angles, the advantages of the modular design help to create a more robust business plan. Osborne and Siderpark will help you develop your plan to recognise the maximum number of opportunities and eliminate the financial risks.