A commercial property in Spring Hill, Brisbane is using Parkable to generate revenue from their 22 underutilised car parks.
Prior to Parkable, these parks were periodically leased. Now, they are 84% occupied by members of the public, most of whom pay a monthly rate to park in Spring Hill long term. This means consistent revenue from an otherwise underutilised asset.
The property owner can easily remove parks from the Parkable platform when they are leased by new tenants or add more parks to the platform if there are other vacancies.
“The flexibility provided by Parkable is great, as we can reduce or expand the number of parks on the platform according to our requirements. With Parkable, an underutilised asset is now consistently generating greater revenue.”
- Mark Mazurkiewicz, Director at Triumph Investment Group
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.
Savills' multi-tenant commercial property in Sydney had 40 unleased parks. Using Parkable, Savills’ tenants can pay to park on a casual basis, and instead of sitting vacant, the parks are now 85% occupied.