Leeds – Albion Street Car Park

Albion Street car park in the heart of Leeds city centre was underutilized and suffered from a poor quality environment.
In 2011 Parking Matters was commissioned by Moorfield Group, and their partners Holbeck Land, to carry out a strategic review of the car park and recommend options for optimising the value of the asset.

We determined a strategy for delivering an improved operation in keeping with the quality of the remainder of the building and wrote a detailed brief specifying the necessary refurbishment works.

Acting as agent, Parking Matters negotiated the surrender of a historic lease with the incumbent tenant and the terms of a new 30-year lease to Q-Park at a significantly increased rent.

Results
Moorfield Group invested £1 million in upgrade works that were overseen by Q-Park and included high quality lighting, finishes and improved security. The quality of Parking Matters’ relationships with the car park operators involved enabled negotiations to progress quickly, with a very positive outcome for the client including an enhanced rental stream and an upgraded asset.

Jeremy Marchant, Lead Asset Manager Moorfield Group
“Nigel and Gordon did an excellent job. Their expertise and relationships were key to the success of this project. They created significant value for Moorfield”