Turning vacancy into revenue between leases
Generating revenue between commercial property leases
At a glance
Vacant property turned into steady revenue
Pro-Cam uses Parkable to rent out their car park and earn income, so the space doesn’t lie vacant between leases
Minimal effort for the owner
With Parkable managing the property, leasing the car park only takes Pro-Cam founder Ian Bates a few minutes each month
Improved security at the property
Leasing out the parking bays creates the impression of busy-ness and occupancy, increasing the security of the building
The motivation
Vacant parks meant a shortfall in revenue
When Pro-Cam moved out of the commercial property it owns in the Brisbane CBD, founder Ian Bates was faced with a dilemma. Although the building was partially leased, the other part of the building was sitting vacant. That meant revenue shortfall on both the unleased office space and the six unused parking bays.
I was initially attracted to Parkable because it's an innovative and quick solution to a problem that would otherwise waste a lot of my time and resources.
The solution
Bridging the gap between leases
In mid-2018, Ian’s real estate agent recommended Park Genie (now Parkable) as a solution for bridging the gap between leases and making up for Pro-Cam’s revenue shortfall. Ian and Pro-Cam would be able to rent the vacant parking bays to Brisbane CBD commuters, earning income from the property with minimum effort required. Particularly attractive to Ian was the fact that Parkable’s Brisbane team would manage the car park leasing for him, so he could enjoy the benefits without adding extra work to his plate.
The result
Steady income with minimal effort
Since October 2018, Pro-Cam has been making income from the six previously vacant parking bays. Not only has Parkable solved the problem of revenue shortfall, but Ian is also pleased with a secondary benefit - it makes the property busy and gives the impression that it’s rented, which increases overall security. Plus, Ian only has to spend a few minutes each month on a tax invoice, as Parkable manages the property for Pro-Cam.
- Making income from the six previously vacant parking bays since October 2018
- The property looks busy and rented, increasing overall security
- Only a few minutes each month spent on a tax invoice, as Parkable manages the property
Parkable turned unused assets into revenue with no hassle.
About Pro-Cam
Leading camera hire in Brisbane
Pro-Cam offers camera and accessory hire, as well as studio hire for video recording and photoshoots. The company was founded by Brisbane local and innovator Ian Bates.
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