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Does he have the legal right to tell us we can not speak to people
There is nothing in the law that says he does not have the right to tell you that. You can argue that his telling you that essentially nullifies the part of the contract that gives you private parking since you aren't allowed to tell people to leave so you can argue he would be in breach of contract.
is he obliged to follow through with putting up proper signage.
He is only obliged to do what is in the contract. If it doesn't state he will provide signage then he wouldn't be required to. However, you could use this as another example of an action/omission of his that effectively negates the private parking part of the contract thus making him in breach of contract and subject to damages.
You could, possibly, argue that he made an oral amendment to the contract when he stated that he would put up signs but most commercial contracts have a section that state no oral amendments are allowed, that any changes must be done in writing or they are not enforceable.
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