Argosy Property

Revenue from a commercial vacancy

At a glance

Supernormal revenue

Before Parkable, 41 parks at 82 Wyndham Street were available for rent. With Parkable, they are now 109% occupied on the average workday for consistent revenue

Easy app use

Tenants and the public use the Parkable app to easily book and pay for parking, share allocated parks, and open access gates

Secure gate access

Parkable only opens access gates for tenants and members of the public who have an assigned car park, delivering seamless, secure access control

About Argosy Property

Business overview

Argosy is one of New Zealand’s leading listed property companies. They own a diverse portfolio of industrial, office and retail properties, largely in Auckland and Wellington. Argosy is a public company with more than 8,000 shareholders.

“We wanted to optimise the car park revenue at 82 Wyndham Street without compromising on security. Parkable made it possible to achieve both revenue generation and security.”

Shamus O'Halloran, Asset Manager

The motivation

41 parks in Auckland CBD available for rent

Argosy owns a property at 82 Wyndham Street in Auckland’s CBD which had 41 surplus parking bays available for rent in a high-demand location.

As well as wanting to generate revenue from their excess car parks, Argosy was concerned about retaining security for their property and tenants. 82 Wyndham Street has access gates so that only tenants can enter and exit the car park, and they didn’t want to lessen their effectiveness.

The solution

Using Parkable to easily and securely share parks with tenants and the public

In February 2021, Argosy implemented Parkable to allow the provision of surplus car parks at 82 Wyndham Street to their tenants and the public.

With Parkable, car parks can be made exclusively available to staff or tenants; available to Parkable members on an hourly or daily basis; or available to Parkable members for weekly or monthly subscriptions. When someone has a subscription but doesn’t need to use their park on a certain day, they can share it with others using the app, and another person can pay the daily rate to use their park, creating supernormal revenue.

Parkable’s access control solution only opens access gates for tenants and members of the public who have an assigned car park. This means that authorised people can easily open access gates using the Parkable app, while security is maintained.

“Parkable makes it so easy to share car parks and open the access gates! The app is really seamless to use.”

Meera Sima, Property Manager

The results

From vacant to 109% occupancy on the average workday

With Parkable, Argosy’s 41 surplus parking bays are now 109% occupied on the average weekday. At the peak, Argosy’s car park had a daily occupancy rate of 124%. This is possible because long-term subscription holders can easily share their parks with others on the Parkable app. In short, the surplus car parks are now generating consistent revenue for Argosy.

Argosy also uses Parkable to manage their staff parking at 82 Wyndham Street. Seven of the unleased car parks are now allocated as free parking for Argosy staff, with Parkable used to manage and share the parks. Because Argosy staff work remotely part-time, on average four of these seven employee parks are shared with the public each weekday, generating more revenue from the car parks.

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