Design, Build, Finance and Operation of Six City Centre Car Parks in Warsaw, Poland.

Client

Chiltern Asset Management

Property Description

Construction of six, new-build multi-storey car parks, of varying sizes, in Warsaw City Centre.

Project Summary

• Need identified by municipality for off-street parking
• Private sector provision using EU PPP legislation

TownCentreParking’s Role

Town Centre Parking fulfilled an integral role, contributing to every element of the business plan. The following work was undertaken:

• City-wide study to assess levels of supply and demand
• Appraise legislation relating to parking enforcement
• Appointment of professional team
• Development of cost/revenue matrix
• Cost/revenue forecasting
• Design and cost consultancy
• Discounted cash flow analysis
• Development of funding model
• Negotiations with operator
• Presentations to City Council
• Presentations to investors

Conclusion

The project did not proceed, in part due to the marginal, financial viability (attributable to low tariffs and a lack of on-street enforcement) and deteriorating market conditions and in part due to the city’s lack of willingness to embrace PPP (attributable to untested nature of process and fear of accusations of bribery etc.). Notwithstanding, our analysis and expertise enabled us to developed a funding model that would have enabled construction of the car parks. Further, we ‘sold’ the project to a major Irish bank and secured funding for the roll out.