An alternative investment opportunity at Glasgow airport
Parkfirst Glasgow is a new development at Glasgow's busy international airport, offering investors the chance to gain exposure to a niche yet fast-growing asset class. The development offers long stay parking to the airport's many users, managed by an experienced, specialist airport parking company.
As anybody who has travelled internationally knows, where to leave your car after travelling to the airport is one of the biggest challenges when flying. Some make alternative transport arrangements, such as taxis, but for many the solution is simply to make use of a long-stay parking space at or in close proximity to the airport in question. Demand for such spaces is growing, with developments such as Parkfirst Glasgow filling the gap. Such developments may also provide niche opportunities for real estate investors. For this purpose, it effectively equates to buying a unit in a larger development that is then offered as a short-term let to a series of tenants.
Unlike many UK property investment opportunities that are more mainstream but otherwise comparable, Parkfirst Glasgow is already completed. It therefore eliminates many of the risks involved in purchasing investment units in an off-plan development which has yet to be built. It also occupies a very niche market, making it ideal for investors who are looking to add diversity to their portfolio, yet a market with an established, strong, and growing demand base. The package offered to investors by Parkfirst Glasgow is made all the more attractive by incentives such as 2 years of guaranteed returns at a level of 8%, which are paid in advance, and a buy-back option after five years.
Other advantages include the fact that these investments are SIPP-eligible, fully-managed, and offer lower costs compared to most other kinds of property investment. These low costs, combined with a below-market-value pricing strategy, mean that units are available from as little as £20,000. It is perhaps unsurprising, therefore, that there were already more than 500 reservations taken for Parkfirst Glasgow before units officially opened for sale at the end of February.
Parkfirst is one of the more well-established names in airport parking provision, with nearly two decades in business so far. They currently manage more than 6,000 spaces around the country, and the new development in Glasgow is to be shortly followed by two more in Manchester and Birmingham. To date, they have handled over £1 billion worth of transactions and paid more than £33 million in returns to investors in their parking spaces.
Investments in Parkfirst Glasgow will be leased back and fully managed by the company, making them a very hands-off asset to hold. A full set of information and documentation for investors who wish to carry out due diligence is ready and available on request.
Similar arrangements will be available to those who wish to invest in the Manchester and Birmingham developments. These will open for sale in April. Parkfirst Glasgow units are available for purchase now.
For more information about Parkfirst Glasgow, please contact the Overseas Investor.