| 17.01,12. 01:45 PM |
Is this our most expensive carpark in Sydney?
January 17, 2012
CARPARK operators are reaping millions of dollars a year in profits by charging up to $200 a day - simply because they can.
With the industry estimated to be worth just under $1 billion, motorists are being forced to pay as much as $22 per hour in Sydney's CBD.
A six-hour stay at Secure Parking's World Square premises on George St costs $77 plus $22 for each additional hour. A 10 to 11-hour stay costs a staggering $187.
It's $89 for three hours at No. 1 Martin Place and $72 for three hours at Atrium, Pitt St.
Do you pay more for parking? If so, where? Tell us below.
A Secure Parking spokesman said the high World Square rates were imposed by Sydney City Council to deter people driving into the city. Rates in other carparks were driven by demand.
"The formula used (to determine rates at World Square) is enforced on us by council. It's to deter people from coming into the city by car and parking long term," the spokesman said.
"The reason parking is expensive at Martin Place is because it's right bang in the centre of Sydney, it's the most expensive real estate and demand is extremely high and that drives up the price."
Wilson Parking charges $69 for three hours at Darling Park, $65 for three hours at Clarence St and $59 for four hours at Citipark on the corner of Kent, Market and Sussex Sts.
Wilson Parking CEO Craig Smith said: "There are a wide variety of factors that determine carpark rates. These factors include land and building values, parking levies, operational running costs and various demand and supply factors. No two carparks are the same therefore rates are tailored accordingly.
"The single greatest element affecting rate increases over the past decade has been the imposition of the NSW government parking levies, which are now over $2100 per bay per annum."
Do you know somewhere cheap to park? If so, where? Tell us below.
According to financial records, Wilson Parking earned $4.2 million in profit last year, with net earnings of $18.3 million in the year to June 30 up from $14.1 million the year before. The privately-owned company built 20 more carparks, taking its total to 229.
Secure Parking did not lodge financial records with the Australian and Investments Commission.
Around the state, motorists are also being stung by excessive rates including Secure Parking's Medica Centre Car Park in Hurstville which charges $26 for six hours and Wilson Parking's Miller St station in North Sydney which charges $58 for three hours.
Gerard McLennan, co-creator of carpark price comparison website carparking.info, said rates generally rise between 3 and 10 per cent annually. "The expensive parking is spread around the most densely populated areas of the city," he said.
"On the flip side, there are independent carparks scattered around the city that provide more reasonably priced parking."