With Parkable, Oyster generates revenue from their excess parking space by allowing tenants to pay to park there on a daily or hourly basis.
By providing both long-term parking leases and flexible, day-by-day parking options, Oyster ensures their tenants’ needs are met.
Oyster can easily and quickly reduce the number of parks listed on Parkable to accommodate their tenants’ changing requirements.
Oyster is a leading New Zealand commercial property and fund manager. Their expertise is in property fund structuring and equity raising, and they manage over 20 property funds. Oyster manages a range of retail, office and industrial properties throughout New Zealand with a combined value in excess of $2.1 billion.
“Tenants’ parking needs have changed, and Parkable allows us to accommodate that and provide the best solution for our tenants.”
Thomas Stott, Property Manager
Like all asset managers, Oyster occasionally experiences vacant space. Since COVID-19, the issue of vacant space has been exacerbated by changing tenant requirements, as workplaces shift to flexible working and tenants require less physical office and parking space.
At Millennium, one of Oyster’s Auckland properties, there were 45 vacant car parks in early 2021. Millennium recently welcomed a new tenant with 45 staff members, but most of those employees only go into the office on Mondays and Wednesdays for team meetings. During the rest of the week, only 15 parks are needed to accommodate their flexi-working team.
The tenant didn’t want to lease parking spots that would often sit empty, but at the same time wanted commuting to be easy for their team when people do drive into the office. Oyster wanted to meet their tenants’ needs, while making the most of their vacant parks.
Luckily, Oyster was able to provide a win-win situation for their tenants with Parkable. Oyster lists any excess car parks at Millennium on the Parkable platform, allowing their tenants to use the car parks on a flexible basis.
This means that if a tenant has more staff members than leased parking spots, their employees can book and pay for onsite parking at Millennium on a daily or hourly basis as needed.
If a new tenant begins a lease, or existing tenants want to increase the number of car parks they are letting, Oyster can easily and quickly reduce the number of parks listed on Parkable to accommodate their tenants.
“With Parkable, we’re able to offer tenants at Millennium another flexible car parking solution, all while giving the landlord additional income on otherwise vacant car parks. Win-win!”
With Parkable, Oyster earns additional revenue from their vacant car parks every time their tenants use them on a day-by-day basis. Plus, Oyster’s tenants can save on lease costs while also making sure that all members of staff can park easily onsite.
This flexibility creates a fantastic experience for tenants and enables Oyster to meet the needs of new clients.
Seamless visitor and tenant parking
Revenue from a commercial vacancy
Access solution enables supernormal revenue
Simple property portfolio management