Parkd (ASX: PKD) has collared a contract that will see it designing and undertaking a feasibility study for a proposed $9 million inner Perth multi-storey, 389-bay car park.
The contract was inked with Vector Management and Parkd will be responsible for delivering the feasibility study and design for the proposed car park.
“We are very excited to commence works with Vector Management, who are planning as a syndicate to use our expertise and the PARKD Car Park System, to exercise underutilised inner-city property,” Parkd managing director Peter McUtchen said.
The car park project is expected to be worth about $9 million and Parkd will receive a fee for its initial design, consulting and feasibility work to validate its commercial viability.
According to Parkd, the inner-city car park will operate for an extended period before a potential real estate project is developed.
Parkd claims this illustrates how its technology can offer revenue from vacant sites as well as increased car parking capacity within inner city locations around Australia.
To minimise material expenses and time, Parkd will use its “innovative construction process” which involves pre-fabricating lighter concrete components off-site.
In addition to the current project, Vector Management said it would lead a syndicate of developers that are keen to use Parkd’s patented technology to secure revenue for other dormant properties by leasing or constructing car park systems.
“It is great to see the property sector recognise the unique opportunities presented by our system that is extremely quick to construct and can be relocated in the future,” Mr McUtchen said.
Parkd’s proprietary car park system
Parkd has developed intellectual property around aspects of a lightweight concrete modular car parking system.
The company claims the modular aspect of the system and minimising structural weight enables the car park to be relocated or adapted to parking demands by adding or subtracting levels.
Parkd’s system is currently designed for single or multi-rise car parks up to six levels.
The system is prefabricated offsite, which can reduce construction time and costs compared to traditional methods.
Today’s contract represents a milestone for Parkd, which recently completed its founding project ahead of schedule for Perth City Subaru.