centre:mk

Case Study

centre:mk

Ocean Parking were contracted by Hermes Investment Management to provide an integrated car park management solution at The Centre MK in Milton Keynes.

Results

+34%

revenue

100%

Occupancy

location

Since the introduction of Ocean Parking’s car park management service we have made the following notable achievements:

Increased revenue generated across 3 x surface level car parks by an average of 34% each month
Increased the year to date revenue generated within the MSCP by 27%
Conducted a marketing campaign to fully subscribe the contract parking provision, resulting in a waiting list for new contract parking opportunities and the development of a new contract parking location
Following the success of the revenue maximisation campaign, successfully conducted a benchmarking exercise and implemented an estate wide tariff increase across all parking tariffs
Provided data to support a space re-purposing exercise which has enabled us to reassign the underutilised (average 30% occupancy) disabled car park spaces into premium customer parking spaces.

As a result of these initiatives, year to date revenue has increased by in excess of £250,000

The Problem

Hermes Investment Management identified that the car park at the Centre MK in Milton Keynes was not effectively increasing the asset value of the centre. There was a desire to separate the MSCP from the wider shopping centre operation and to provide industry specific expertise to support the future revenue growth of the car parks, whilst also ensuring the car parks can operate as a standalone entity.

A need to increase monthly revenue generated across 3 x surface level car parks.

As a result of low monthly revenues the overall asset value was not efficient.

No marketing was being performed to increase visibility of the contract parking location

There was a lack of management data relating to usage and parking spaces.

Services Supplied

Security

Car Park Management

Related Sectors

Shopping Centres & Retail

Related Tags

#ANPR

#Asset Value

#Parking

The Solution

Beyond the day to day management of the car park operation, it is also Ocean Parking’s responsibility to maximise revenue, manage contractors and suppliers and introduce new revenue generating partnerships. Ocean Parking proposed a solution which saw us take ownership of all aspects of the car park operation and although working directly for the asset owner also aligning our wider objectives with the centre operation and reporting on a day to day basis to the Centre Management team and managing agent.