From underutilised spaces to incremental revenue

How Argosy make the most of every space

At a glance

Ancillary revenue

Without Parkable, unused spaces weren't earning. Now unused spaces are used by the public and tenant parkers earning a side income for the portfolio

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

Creating meaningful value

Argosy is one of New Zealand’s leading commercial property owners, with a diversified portfolio valued at over $2.1 billion across office, industrial, and large-format retail assets. The company’s strategy extends beyond square metreage — it focuses on creating high-performing, sustainable environments that attract and retain tenants.

For Asset Manager Shamus O’Halloran, managing 16 buildings simultaneously involves balancing tenant satisfaction, occupancy levels, and asset performance. In this context, even seemingly minor elements — such as car parking — can present meaningful opportunities for value creation.

“In this market, prudence is key. If a space is vacant, there’s no reason it shouldn’t be earning. Even modest returns contribute positively — it’s the kind of initiative that doesn’t make headlines, but it does earn quiet approval from the CFO.”

Shamus O'Halloran, Asset Manager

The motivation

Unused spaces = lost potential

Vacancies impact rental income, but they also leave associated car parks underutilised. Even in tenanted buildings, not all allocated parking is consistently used, resulting in idle spaces and forgone revenue.

Rather than pursuing marginal gains indiscriminately, Argosy sought a pragmatic solution to monetise these underused areas. The objective was to implement a low-effort, high-impact initiative that could generate incremental income without disrupting core operations.

"In this market, prudence is key," says Shamus. "If a space is vacant, there’s no reason it shouldn’t be earning. Even modest returns contribute positively — it’s the kind of initiative that doesn’t make headlines, but it does earn quiet approval from the CFO."

The solution

Scalable activation through Parkable

Argosy initiated a pilot programme at 82 Wyndham Street in Auckland, leveraging Parkable’s platform to offer unused car parks to the public. The trial proved successful, generating revenue and improving utilisation without requiring significant operational input.

Parkable’s technology enabled Argosy’s asset and property managers to activate or deactivate spaces in real time, accommodating site works, tenant transitions, or other operational needs. The platform handled bookings, payments, and access logistics, allowing Argosy to maintain control while minimising administrative burden.

"Listing a site on Parkable is seamless," Shamus notes. "We can activate spaces within a day or two, which is particularly useful when a tenant vacates and we need to generate income quickly."

Following the pilot’s success, adoption expanded organically across the portfolio, becoming a standard tool for enhancing asset performance.

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.”

Property Manager Argosy

The impact

A consistent ancillary revenue stream

Argosy now operates Parkable-enabled public parking at several Auckland sites, located at Wyndham Street, Customs Street East, Nugent Street, and Carlton Gore Road.

In asset management, even incremental gains contribute to overall performance — and turning idle space into income is a clear win.

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