Savills manages a multi-tenant commercial property at Eden Park Drive Macquarie Park in Sydney on behalf of Australian Unity.
In June 2020, the landlord had around 40 vacant parking bays, leaving a gap in the annual revenue for the building. Parkable were able to identify a business opportunity to partner with the landlord and monetise the vacant parking bays.
Using Parkable’s software and app, Savills’ tenants and members of the public can pay to park at Eden Park Drive on an hourly, daily or monthly basis. Result? Instead of sitting vacant, the 40 parks have been occupied at 85% on average since onboarding in June 2020, despite lockdowns.
While Eden Business Park tenants didn’t want to make a long-term commitment to leasing additional parking bays, a number of their staff did require more parking options. The flexibility offered by Parkable was a convenient way for tenants and building occupants to access onsite parking, and Parkable’s car park management technology frees up time for Property and Facilities Managers to focus on their day to day building activities.
“With Parkable, we’ve been able to offer our tenants flexible parking options in addition to their long-term leases. It’s great to expand the services that we offer and make sure we’re meeting our clients’ needs.”
- Brett Hannah, Associate Director at Savills Australia
Members of the public can pay for any parks that aren’t needed by tenants on a given day, providing Savills with another way to monetise their car parks.
Over the past 18 months, hotels have struggled with fewer guests. For hotels like Stamford Plaza Brisbane, this is partly solved by becoming an MIQ facility. But while hotel rooms are filled, the guest car parks often remain underutilised.
Prior to Parkable, 22 car parks in Spring Hill, Brisbane were periodically leased. Now, they are occupied by paying members of the public 84% of the time. This means consistent revenue from an otherwise underutilised asset.