Funding A Car Park

The City of Boroondara Glenferrie Road Car Parking Study 2012 clearly identified that Glenferrie Hawthorn needs an additional car park and the same study identified funding options for the car park. Among others, the most feasible funding option detailed a plan to implement a levy on all commercial developers in the area, to raise funds for the development of a community car park. However, recent inquiries with Council have revealed that this is no longer a feasible option. This raises the question; who will fund the car park, how and when?

Given the importance of Glenferrie Hawthorn as a community hub and viable commercial area, it seems reasonable that one option is that Boroondara Council themselves fund the development, through their general revenue. Some of Council’s general revenue is collected through parking fines and tickets and it seems logical that Council reinvest these funds and give back to the residents and visitors to the area and fund a community car park. Another option could be to fund the car park through private consortium; private consortium may be the most efficient way of raising funds, but this is likely to jeopardise the community ownership of the car park, and detract from its full availability to the community.

In recent years, there has been a growing trend in individuals investing in individual car spaces. In fact, last year in Sydney one man listed his private car space for sale for $400,000. While it may seem an abstract idea, there is a growing demand for car spaces and a limited supply of them. Therefore, inviting private investment on a small scale, perhaps combined with local Council investment, is an option to consider? Or do Council have a responsibility to fully fund a community car park?