NCP has started the new year taking major strides towards achieving its target of increasing its number of sites by over 100 by the end of 2021. Between October and December 2018, the UK’s largest parking operator successfully acquired seven new sites nationwide with more programmed for early 2019.
Six of the sites are existing multi-storey and surface car parks which NCP has secured against incumbents as it seeks to dramatically increase its national footprint.
Three new sites in Bolton have added a modest 293 spaces to the city portfolio, but thanks to existing infrastructure in the area and lower costs, NCP will be able to run these sites more profitably than other operators with greater returns available to landlords.
NCP has also secured Bournemouth Hinton Road which adds another 250 spaces to its portfolio and makes it the largest private parking operator in the city. A major site at Kidderminster adds a further 370 spaces to NCP’s footprint and is its first site in the town – attached to a major shopping centre.
The remaining sites have been acquired in Southport, while a flagship new build was also opened in Salford.
Since first committing to its ambitious expansion plan in October 2017, NCP has added 30 new sites to its property portfolio. Furthermore, with a strong pipeline of acquisitions going into the next two years, the business continues to expand its property team to support the growth, with a dedicated Acquisitions Surveyors now overseeing eight key regions across the UK.
Rhys Jones, Head of Acquisitions at NCP said: “We have ambitious growth plans and will be looking for new sites and acquisition opportunities nationwide throughout the course of the year.
“A combination of contract flexibility and a market-leading covenant allows both NCP and our landlords to achieve our respective growth goals, and this has proved to be a compelling offer to many, helping to drive our successful start to the year.
“We have a strong team in place to help realise our expansion targets and securing new car park facilities early in the year demonstrates our commitment to growth and our ability to invest in our portfolio with the backing of our parent, Park24, which shares our desire to grow over the course of the next three years.”