Car park deals for Parkd, NRW

Perth company Parkd has struck a deal with property developer Vector Management to evaluate construction of a $9 million car park.

The proposed multi-storey, 389-bay car park would be the second for Parkd, which listed on the ASX last year.

Vector is planning to establish a syndicate of investors to fund the project, at an unnamed inner-city location.

Parkd will be paid a fee to provide the initial design, consulting and feasibly work to validate the project’s commercial viability.

Managing director Peter McUtchen said Parkd would utilise its innovative construction process to minimise material expense and construction time by pre-fabricating the car park’s lighter concrete components off-site.

“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,” he said.

“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.”

The contract follows completion of Parkd’s founding project for Perth City Subaru, a two-level car park with 49 bays.

Dealer principal John Nossiter said the Parkd system meant the car yard could continue operating during construction.

“We looked at every option, including the purchase of additional land, but it simply wasn’t cost effective,” he said.

“And conventional construction would have meant closing down our entire business or relocating while the build took place.”

Meanwhile, the state government today announced plans for a multi-deck car park for 1,200 vehicles at the future Forrestfield train station, to open up space for a land development precinct.

The revised car park will be delivered under a contract variation with the Salini Impreglio-NRW joint venture, which is building the Forrestfield Airport Link at a cost of $1.9 billion.

The car park will cost about $32 million and be accommodated within the project's contingency budget. 

The multi-deck car park will replace original plans for a ground-level car park and free up eight hectares for development.

Transport Minister Rita Saffioti said this would enable more development opportunities close to the train station, while also catering for some of the wider Hills catchment who may want to drive to the new station.

By 2021, the Forrestfield-Airport Link is expected to generate 20,000 passenger trips every day, increasing to 29,000 daily by 2031.