What justifies a R1 million price tag for a parking bay?

The San Michelle rooftop car parking bay which just went on sale for R990 000 raised a lot of eyebrows.

CEO at Advance On Point Solutions, Craig Cockburn, speaks to CapeTalk's kieno Kammies about the criteria used in pricing these parking bays.

Read: Would you pay R1m for a parking bay in the Cape?

It pretty much depends on the tenant mix in and around the facility. In a typical environment where you have government buildings next door, their requirements are quite substantial and that would push up the price.

Craig Cockburn, CEO at Advance On Point Solutions

Again it very much depends on the requirements of the area and Cape Town is really unique and because of that you can charge substantial premiums on the available facilities.

Craig Cockburn, CEO at Advance On Point Solutions

Listen below to hear the rest of the interview:

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