A trusted partner for Stockport Exchange

NCP - Stockport car park

• 1,000 space MSCP

• Landlord: Stockport Council

• Developer: Muse Developments

• Completed: 2014

• Construction cost: £7.9m (£8,000 per space)

• Funding Partner: Canada Life

• Car park revenue growth: 9% YOY

Background

In January 2011 Stockport Metropolitan Borough Council (SMBC) acquired a 250 year interest on the area adjacent to Stockport Train Station from Network Rail. Muse Developments was chosen to redevelop the land from a tired and under-used leisure scheme into Grand Central, a new £145m vibrant business and commuter hub, including a hotel, 400,000 sq ft of office and commercial space and a 1,000 space multi-storey car park.

The car park was key to this scheme; to meet the increasing demand for commuter parking, release land for further development and deliver capital receipts for additional funding.

 In 2012 SMBC chose NCP, as a trusted proven partner, to manage the car park under a 35 year lease.

Funding strategy

SMBC provided Canada Life with a 150 year peppercorn ground lease of the plot of land for a premium of £3m. Canada Life and SMBC entered a development funding agreement (DFA), with SMBC procuring construction of the MSCP.

Canada Life forward funded the project and made a balancing payment up to the final price of an estimated £22milllion, with SMBC entering a 35 occupational lease at an agreed rent. The investment yield on this transaction was estimated to be c.4.00%. 

SMBC subsequently granted an occupational lease to NCP for 35 years -7 days at a rent equal to the passing rent. 

This approach mitigates SMBC’s risk but most importantly, adds value to the overall scheme by bringing in NCP, an established brand with a reputation for delivering operational and customer service excellence.

Operational and customer service excellence

NCP’s in-house technical services team provided expertise throughout the planning, design and construction of the car park to ensure key objectives were met:

  • ensuring a seamless customer journey
  • maximising parking provision for commuters and users of the  new development
  • providing modern, efficient  and secure parking facilities
  • delivering a sustainable car park and an efficient  whole life cycle
  • deliver the best return on the investment

The car park was completed in 2014 and we took over day-to-day management of the site, providing:

  • Professional and friendly front line customer service and assistance
  • Unrivalled 24/7/365 support from our in-house Customer Contact Centre
  • Simple online booking to improve the customer journey
  • Revenue and yield management expertise to drive customer loyalty and revenue
  • Validation parking for Grand Central tenants and their customers
  • A safe parking environment, demonstrated by Park Mark accreditation

Whatever your requirements, talk to us

Whatever your needs, you can enter into a long term partnership with us, with confidence.