Plymouth car park in prime location up for sale for £3.5m

Lambhay Hill in Plymouth is up for sale for a guide price of £3.5m
-Credit: (Image: Rightmove/Christie & Co)


A Plymouth car park in a prime location is up for sale with a huge price tag of £3.5m. Lambhay Hill pay and display is described by property agents as an "excellent investment" that could make its new owner upwards of £230,000 a year.

The 52-space car park, in a waterside location by the Barbican, is on the market through Christie & Co, which calls it an "exceptional trading asset". It adds "sites of this nature rarely come to the market".

Prospective buyers on Rightmove are told that the car park is situated alongside the historic Barbican quarter of Plymouth city centre, "making it a key car park for those visiting the large array of shops, cafes and museums".

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The car park, which is currently managed by Britannia Car Parks, is on a long leasehold of 150 years from May 21, 2007. Potential buyers are told it comes with "minimal owner involvement" - but those parking their vehicles there may be less impressed that it's said to have "above inflation annual price rises".

One hour of parking at Lambhay Hill currently costs £2.20, rising to £4.50 for two hours and £13 for 24 hours. The car park's earnings before interest, taxes, depreciation, and amortization (EBITDA) are said to be £238,194.

The listing says: "Christie & Co are delighted to bring to the market a rare opportunity to acquire a long leasehold car park in a prime location in the historic City of Plymouth. The asset is an exceptional trading asset with strong income streams that require minimal owner involvement. Sites of this nature rarely come to the market.

"Lambhay Carpark is situated on the waterfront alongside the historic Barbican quarter of Plymouth city centre making it a key car park for those visiting the large array of shops, cafes, museums as well as Sutton Harbour, the National Marine Aquarium, the Royal Citadel Historic Fortress and Hoe Park."

Find out more about the sale on Rightmove.