Buy/Lease/Joint Venture/Management

MET Parking Services Ltd is interested in making strategic investments, either through the purchase of existing car parks, or through the purchase of land suitable for development into a car park. In each case, our Investments Team would visit the site, meet with the seller, and produce a detailed feasibility study before we make a commitment.

Just as there is no standard parking facility, there is no standard leasing arrangement; however, MET Parking Services does undertake leases in the following categories:

• Full Repairing and Insuring (FRI) Leases
• Turnover Rent Leases
• Profit Share Leases

An FRI Lease is an agreement whereby the costs of all repairs and insurance are borne by the tenant.

A Turnover Rent Lease is an agreement whereby part of the rent is calculated as a percentage of the turnover generated at the car park. This calculation would provide an incremental rent that would be added to the agreed base rent.

A Profit Share Lease is an agreement whereby the rent is based on a percentage of the revenue remaining after subtracting all allowable costs.

Joint Ventures
For example, property developers often have building sites awaiting development. MET Parking Services can enter into a profitable Joint Venture with a developer by turning a vacant site into a temporary car park until construction begins. This enables the developers to generate an income stream while awaiting planning permission or funding.

Whatever the size or location of your parking facility, MET Parking Services can recommend a management agreement that will satisfy and benefit both parties. Standard parking management arrangements are available, but each situation is unique and we treat each operation on an individual basis.

We offer a number of standard Management Agreements, including:

• Management for a Fee
• Management Fee plus a Percentage of Turnover
• Percentage of Turnover Only

Contact a member of the MET Parking Services team on 0207 118 8003
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