The value of off-street parking
With the number of cars on the road increasing every year, space is at a premium and the value of off-street parking is on the rise.
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Western Beach Apartments, Royal Docks, E14
Keepier Wharf, Limehouse, E14
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Pan Peninsula West Tower, Canary Wharf, E14
Pan Peninsula East Tower, Canary Wharf, E14
Commercial Road, Limehouse, E14
Old School Square, Limehouse E14
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At the same time, councils are creating evermore Controlled Parking Zones, so, more often than not, parking on the road means paying for a parking permit. And, with local Authorities’ (LA) budgets seriously over-stretched, those permits are being seen as a soft target for raising additional revenue.
The average permit costs £103.08 per year, but they vary wildly from area to area and the more polluting cars can be considerably more. Islington is the UK’s most expensive local authority, their permits topping out at £860. It’s not just London that is expensive, though, Manchester charges £750pa for a city centre permit and even the Scots can’t escape the extortionate charges, with Edinburgh’s permits costing up to £580pa. Westminster, on the other hand, is surprisingly reasonable, charging between £117.50-£166/year, depending on the car’s engine size.
Local Authorities claim parking permits only exist to protect parking spaces for local residents and/or to improve the air quality. At those kinds of rates, however, there is no doubt they are being used as a stealth tax and many LAs have announced steep price increases this year. In Lambeth, for example, some residents will be hit with a 385% rise and that’s for the low emission vehicles. In Aberdeen, permits have gone up 233%. And, in leafy Surrey, permits were up 60%.
Mind you, off-street parking is not all about avoiding permit fees, it’s also so much more convenient – there’s no daily fight for that elusive parking spot at the end of a long day - you are always guaranteed a space, even in the busiest of roads, which is especially useful when you are unloading your shopping or packing the car for a long journey.
Then there is the growing demand for home charging points. Currently, there are over 1.2 million electric and hybrid cars in the UK and another 448,000 forecasted to be registered in the next 12 months, but just 11,218 on-street chargers (source: ONS). And, in 2030, the sale of new petrol and diesel vehicles will be banned, so, if you can just pull onto your drive and plug-in, it will be a real bonus.
A drive is more secure, too, and can reduce the cost of your car insurance. Even if you don’t use your drive, you can make money from it by renting it out through a company such as Just Park, who claim you can earn up to £200/month in some areas of London.
Okay, with so many advantages, how much is off street parking actually worth? It depends on the area and the general availability of parking nearby, but research by Direct Line Insurance shows it is adds a 5% premium to new build properties (an average of £12,500). Another survey, this one by Virgin Money, suggests it adds just under 10% (£25,000) to the value of an average home. That is close to double the added value you might get from, say, updating a kitchen or adding a bathroom.
It means if you’ve got a decent sized front garden, it may be worth considering converting it into off-street parking. You will need to obtain planning permission to get a drop kerb put in, although around 30% are refused permission every year, mostly because the property is on a bend or the view of the road is impaired in some way. Your Local Authority will also charge you for putting it in - in some cases, a considerable amount of money, although the average is around £800 to £1,200. There’s also an application fee of between £70 and £100. If you are granted permission, you will then have to ensure that the materials you use are sufficiently robust to take the weight of a car and that, if its surface is non-porous, you will need to obtain planning permission. Then build costs are, typically, £30-£50/sqm block paving (one of the most common types) and tarmac, surprisingly, is a more expensive option at £50-£100/sqm.
You won’t be surprised to learn that, with all those benefits, it is an extremely popular alteration - applications have doubled over the last 20 years and, no doubt, the value of it will keep on rising.
60 Westferry Road, London E14 8JE
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29 Narrow Street, London E14 8DP
Apartment / Flat
A luxury studio apartment on the sixth floor of the sought-after Pan Peninsula which benefits from floor to ceiling windows and an extremely high specification interior. Property comprises spacious open-plan living, luxury shower room and private balcony.
Located within a short walk to Canary Wharf, South Quay DLR & Jubilee Line. Pan Peninsula enjoys a number of additional extra for residents including a stunning gym and spa (including swimming pool, sauna and steam room) and cinema room. Offered on a furnished basis.
Luxurious studio suite
Floor To ceiling windows
Modern fitted kitchenette
Marble shower room
Swimming pool, gym & jacuzzi
Residents cinema room & 48th floor bar
Located moments to Canary Wharf & DLR
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This luxurious tenth floor studio suite apartment in the sought after Pan Peninsula development is offered furnished and benefits from floor to ceiling windows, dock views and a high specification finish throughout.
Pan Peninsula offers a variety of additional extras such as residents gym, swimming pool, private cinema room and a 48th floor cocktail bar.
The development is situated within moments of South Quay DLR and Canary Wharf Jubilee line station.
Luxury studio apartment
Floor to ceiling windows
View of the Docks
High spec interior
On-site gym, pool, cinema and cocktail bar
Close to Canary Wharf & South Quay DLR
Franklyn James is proud to present this two bedroom, two bathroom apartment in the highly sought-after Western Beach Apartments in the heart of Royal Docks.
Offering stunning views over Royal Victoria Dock and 857 SqFt / 79.62 SqM of living space, this superb two-bedroom apartment is located on the fourth floor and has beautiful marina views, lift access and secure underground parking. Step inside this modern and stylish flat and be greeted by a bright and airy living space. The large windows flood the space with natural light creating a warm and inviting atmosphere.
Two bedroom, two bathroom apartment
Offers stunning views over Royal Victoria Dock
Secure underground parking
Fully equipped kitchen
Ideal location for local transport links
0.3 miles away from West Silvertown DLR station
Close to Elizabeth Line
Popular dockside development
Offered chain free
What the vendor says...
I purchased a property through Antony. Throughout the process, Antony was very accommodating and always went the extra mile to ensure I got what I needed. There were complications along the way (out of Franklyn James’ control) and Antony was calm and pragmatic and I can thankfully say kept everyone in the chain happy resulting in me obtaining my dream property. I’ve been in the property a week now and can honestly say Antony that it is even better than I remembered! Thank you so much.
The fully equipped kitchen boasts top-of-the-line appliances, sleek countertops, and ample storage space, making it the perfect space for cooking and entertaining. Both double bedrooms are generously sized with plenty of closet space. The primary bedroom includes an en-suite bathroom and there is also a separate shower room, both finished to a high standard. Further benefits from the convenience of one allocated parking space and being chain free.
Ideally located for local transport links, West Silvertown DLR is just 0.3mi away, Custom House for the Elizabeth Line is located just a short walk around Royal Victoria Dock 0.8mi from the property. Royal Victoria offers local amenities with shops, bars, restaurants and coffee shops.
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We are award winning
Welcome to this beautifully refurbished two-bedroom, two-bathroom duplex apartment boasting a stunning outside area and private parking, ensuring your convenience and comfort.
As you step inside, you will be greeted by a spacious and practical layout. The large lounge is perfect for entertaining guests and offers space for a large dining table, perfect for hosting. The spacious kitchen is fully equipped with modern appliances, allowing you to prepare delicious meals with ease. The kitchen is designed to optimize space and functionality, with plenty of storage and counter space to make cooking and cleaning effortless.
Spacious duplex apartment
Two bedrooms and two bathrooms
Larger than average main bedroom
Private outside area with fantastic views over Canary Wharf
Allocated parking space
Refurbished and contemporary
Large lounge and kitchen
An abundance of storage
A fantastic three bedroom, 3 bathroom duplex apartment on the ground and lower ground floors of this charming Georgian townhouse conversion, located on Commercial Road, E14.
The apartment has large windows and high ceilings making the space feel bright and expansive. Further benefitting from a recent renovation throughout and comprises of a spacious open-plan kitchen and reception, three spacious double bedrooms, a shower room, bathroom and a powder room, along with a large garden to the rear.
2 1/2 Bathrooms
Landscaped Rear Garden
Close to Limehouse DLR
955 Sq Ft
Franklyn James is delighted to offer you the opportunity to purchase this luxurious split level penthouse.
Features are to include a welcoming hallway, three double bedrooms, three luxury bathrooms and a modern fully fitted kitchen. There is a large reception room with doors leading to a private balcony from which there is stunning direct river views to be admired. As well as all of these fabulous features, there is additional office space and a utility room plus a further two private terraces. Residents parking and a concierge service can also be enjoyed as part of residing in this development.
Three double bedrooms
Three luxury bathrooms
Modern fitted kitchen
Direct river views
Balcony and two terraces
Secure parking included
Share of freehold
My wife and I used Franklyn James to market and sell our property in Bow. We were very impressed with the service we received. Lee and Antony were very responsive, pro-active and diligent throughout. I would have no hesitation recommending the firm.
The penthouse is ideally located for Narrow Street, its many restaurants and bars and Limehouse DLR station which provides excellent transport links into the City and Canary Wharf.
Arranging a free, no-obligation market appraisal with Franklyn James couldn’t be easier. Just phone or email us using the details below, or complete the form and request an appointment with an experienced valuer at a time which works for you.
Alternatively, call into one of our high street offices where a member of staff will be happy to take all the necessary information. Our valuer will provide you with an up-to-date market valuation for sales, lettings, or both, and will advise you of current market trends and provide you with detailed information on how your property would be marketed. You can be confident that you will receive an honest and frank appraisal – we see no benefit in grossly inflating an asking price or setting unrealistic expectations.
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