Background
In early 2023, Reading Borough Council (RBC) embarked on an ambitious initiative to comprehensively review their central town car parks. Enlisting the expertise of Project Centre, the Council sought to evaluate the current conditions, financial viability and potential improvements for nine key car parks. This extensive review spanned ten months, concluding in October 2023.
Process
Thorough asset inspection
Project Centre’s multidisciplinary team meticulously examined the six surface-level and three multi-storey car parks. Their focus areas included:
- Structural and lighting assessments: We conducted detailed evaluations of the structural integrity and lighting conditions, particularly in multi-storey facilities, to identify necessary maintenance and repair work.
- Parking asset review: Our inspections covered the condition of signage, line markings and payment machines to ensure all surface-level car parks met operational standards.
These assessments led to comprehensive reports detailing current conditions and recommending future maintenance to ensure longevity and optimal performance of the car park assets.
Tariff and revenue analysis
Understanding and optimising the financial dynamics of the car parks was crucial. The team analysed the existing tariff structures and their impact on both usage and revenue. Key activities included:
- Tariff comparisons: Assessing disparities in pricing across different car parks and their influence on occupancy and revenue.
- Revenue modelling: Creating a financial model to project potential income under various tariff scenarios, utilising historical data on parking transactions.
This analysis enabled RBC to consider adjustments to the tariff structures, aimed at achieving a fair and effective pricing strategy that aligns with the Council’s financial objectives.Â
Supporting local businesses and strategic decision-making
The review also considered the role of these car parks in supporting local economic activity. Key considerations included:
- Economic support: Evaluating how the car parks facilitate access to town centres and contribute to the vitality of local businesses.
- Data-driven recommendations: Providing RBC with insights to make informed decisions on whether to retain, refurbish or potentially divest specific car park assets based on their operational and financial performance.
Outcome
Upon concluding the review, Project Centre delivered several pivotal outcomes for Reading Borough Council:
- Technical reports and maintenance recommendations: Detailed findings on the structural and surface conditions of the car parks, with specific recommendations for improvements and associated costs for future maintenance.
- Lifecycle analysis: In-depth reports on the multi-storey car parks’ structural and lighting conditions, including proposals to extend their operational life through strategic maintenance.
- Design optimisation: Suggested redesigns to maximise parking space in the busiest car parks, enhancing both capacity and user experience.
- Revenue and tariff adjustments: An analysis of income versus maintenance costs, leading to an updated tariff structure aimed at balancing revenue generation with user affordability. These new tariffs came into effect on 1st January 2024.
This strategic review enabled RBC to implement new car park tariffs, effective from the start of 2024, designed to sustain financial viability while maintaining affordability for the public.
