Pam Golding Properties (PGP) last month sold single basement parking bays in two ultra-luxurious Clifton complexes for R580k and R750k respectively, one in Eventide and the other in Whitecliffs. The cost for the 13sqm parking bays is roughly equivalent to what one would pay for an upmarket, one-bedroom flat in Cape Town's CBD.
The highest price paid to date for a parking spot in Clifton was a staggering R2m in January 2008. At the time, the garage sale set a new record for bricks and mortar prices in South Africa in square meter terms. The 18sqm garage fetched around R111k/sqm.
That record has to date only been surpassed by the sale of the R110m penthouse suite at Sol Kerzner's new One&Only hotel at Cape Town's V&A Waterfront in second half 2008. The One&Only transaction translated into a rand/sq m price of R112k. The two remaining penthouse units at the One&Only Hotel are currently on the market at an asking price of R105m.
But it is not only residential parking bays that are commanding top dollar in Cape Town. Corporate SA also has to fork out more for parking in Cape Town's commercial buildings than in any other South African city.
According to Colliers International's annual parking report, which tracks the cost of parking across 140 business districts across the globe, it now costs an average R1,077/month to park a car in an office building in Cape Town's CBD. That compares to a monthly parking cost of around R740/month in Pretoria and R661/month in Durban. Johannesburg's inner city is still SA's cheapest business district for commercial parking at an average R580/month.
However, SA businesses do not pay nowhere near as much for parking as their UK counterparts. According to the Colliers report, London is now the world's most expensive business capital in which to park a car, with London commercial tenants paying an average R8 324/month for the privilege. That is more than 10 times what companies pay for parking in Pretoria and almost eight times that of Cape Town. - Joan Muller
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