Back in summer 2015, Ventnor Town Council (VTC) took on responsibility for four car parks in the town.
They took over Dudley Road, Market Street, Pound Lane and Shore Road car parks from the Isle of Wight council and were able to report last week that the car parks are being run at a profit.
A very generous profit at that.
A whopping £17,996 income was generated in the six months between April and September. That’s almost £3,000 up from the previous average.
The Annual Rent due to the Isle of Wight Council under the leases is £24,900. In addition, the VTC has to pay Business Rates amounting to £3,618 for the financial year.
The income from the car parks, plus £3,350 for the parking permits resulted in a surplus of £3,775 for the council.
Progressive thinking
The success was was attributed to the innovative approach to charging.
The cost of permits were cut and the previous increase to parking charges by the IWC were reversed.
In addition, the Shore Road car park charges were reduced from £6.60 per day to £3 per day.
Well done to all involved.
Source: IWCP p.7
Image: © Google Streetview
