Background

Park Let was established in 2004 by Luke Kelly to offer an effective marketplace and management service for the letting of parking spaces and garages and today it is the UK’s largest parking space letting agent.

The company has arranged over 10,000 rental contracts and has over 20,000 parking spaces available to rent immediately across the UK. Park Let provides a fully managed letting service including matchmaking the tenant and landlord, preparing contracts and monthly rental collection. Park Let’s rental prices are up to 20 per cent cheaper than other comparable season tickets and tenants can choose between a 5 and 7 day rental week.

The business started out from personal experience: founder Kelly was becoming increasingly frustrated with parking arrangements at Chelmsford Railway Station: costs increased well beyond inflation, there was no guarantee of a space and his car was constantly being damaged by other motorists. Kelly literally took matters in to his own hands and knocked on the doors of local residents and negotiated a price for parking on someone’s driveway. Park Let grew from there as people liked the idea of making extra income from otherwise idle space. They also felt positive about the security aspect: having a car parked on the drive all day gives the impression that the property is occupied.

Park Let currently has spaces to let across all major towns and cities in the UK. The average value of a space (per annum) outside London is £1,019 and £1,848 in London. Towns and city centres drive the highest rental income as they tend to be near offices and shops. However areas near railway stations, busy hospitals and leisure attractions can also demand higher rental income.