- ASX-lister PARKD (PKD) believes it has cultivated a solutions-driven take on the parking construction industry
- PKD brings a patented methodology to the table, which can create parking infrastructure three times faster and 20 per cent cheaper than a typical building company
- PARKD explains its designs also offer future flexibility, with clients able to add or remove floors, complete extensions or relocate the infrastructure altogether
- This arguably more efficient approach is something PKD sees as a tangible turnkey solution for local, state and federal government contracts
- Shares in PKD are trading at 5.7 cents per share
Firmly grounded by a solid business foundation, ASX-lister PARKD (PKD) believes it has cultivated a solutions-driven take on the parking construction industry.
If asked, one could reel off countless issues facing the parking industry, but it takes more than just acknowledging a problem to fix it.
Instead of becoming another builder in an already diluted market, PARKD enters the fore with a patented, scalable, cost and time effective parking infrastructure design process that it said can be reproduced anywhere in the world.
This solution is not just reserved for permanent car parks, but temporary ones as well, an acknowledgement by the company of the shifting needs of our growing population.
This industrial player makes one thing definitively clear; it is not just another construction company but rather a solutions-based business.
More than bricks and mortar
More goes into constructing a car park than first impressions might reveal.
The process is often, however, and perhaps in some cases rightly so, viewed as clunky or an afterthought to most familiar infrastructures.
PARKD's point of difference is that it's not just there to treat a symptom of the problem by building more car parks in this same way, but is instead offering what it describes as a leading method of construction for permanent and temporary parking infrastructure that is faster and cheaper than its competitors.
The ASX-lister first exhibited its capacity as a construction technology business when it began creating permanent and temporary car park storage solutions for car dealerships before pivoting to larger and more lucrative markets.
PARKD has since set its sights on essential "low-risk" industries, including hospitals and universities, with a keen eye on securing local state and federal government contracts.
The company argues these services, regardless of how far public transport develops, will always require car parks.
"Parking is a major issue in Australia and worldwide. And while we know that public transportation budgets are growing in hopes of solving these issues, we are still going to need our cars to drive to the train, to hospitals, to university and to the shopping centres."PARKD Executive Director Peter McUtchen.
Public infrastructure projects can also offer more concrete revenue streams as evidenced by the federal government's recent $10 billion budget promise.
This refreshing angle into what is often a cumbersome industry looks to have since been well-received, with PKD having worked with notable clients including St John of God Hospital, Melbourne Airport and Westfield.
Solutions over problems
Parking's reputation as a source of frustration and inconvenience has long been recognised as something of universal truth.
Aside from the obvious in that, there's rarely enough parking, the prospect of a plethora of logistical disruptions associated with closing off and expanding or building a new car park entirely, almost make it hardly worth the time.
This is all the more challenging in essential industries such as universites and hospitals, which can't be subject to lengthy and disruptive construction schedules.
PARKD proposes this notion should be a thing of the past, that brand new car parks and upgrades do not require lengthy build times and extensive costs.
"Our way of building car parks is three times faster than traditional methods and reduces building costs by up to 20 per cent."PARKD Executive Director Peter McUtchen.
What's more, PARKD said its infrastructures offer future flexibility; clients can elect to add or remove floors, complete vertical or horizontal extensions or relocate the infrastructure altogether.
This opens the door for PKD to service a myriad of sectors that require efficient and low-cost building solutions at shorter notice, with the company affirming their services could save up to 20 per cent on construction costs.
A solid strategy
PARKD is offering a technical template that can be applied to nearly any existing infrastructure for a permanent or temporary parking solution.
This method is also tightly protected as intellectual property in Australia with an international patent pending, allowing PKD to pursue global opportunities.
Under the PARKD offering, a client might request a brand new car park on its hospital or university campus.
Instead of bringing the raw materials to the site, which can be costly and time-consuming to prepare, the materials are arranged offsite by PKD's established supply chain of domestic and international building companies.
Additionally, in lieu of using the 40 to 50 people typically needed on a car park building site, PARKD focuses less on staff and more on cranes and machinery to assemble parking infrastructure.
Outsourcing this crucial step to those that can provide the quality materials needed allows PARKD to oversees the project and application of its unique designs.
By doing this, PKD utilises existing building supply chains to suit its requirements while all the laborious work has already been done, providing critical cost savings across time and money for both clients and PARKD.
PARKD will then either sell the new parking infrastructure or lease it to the owner - with leasing itself being a particularly lucrative business due to its potential to yield guaranteed incremental payments over 30 to 50 year periods.
With a streamlined process in place, PARKD effectively offers a turn-key process that can be applied to projects of any scale and requirements and adjusted to any level of product demand virtually anywhere.
And with its international patent virtually signed sealed and delivered, it's only a matter of time before this nimble technology player secures some significant contracts internationally.
The company argues that with this in mind, there is potentially no limit to how far they could go.
Acknowledging and identifying the endless and universal issues within parking can be done by anyone, but offering a tangible, innovative and proven solution is what could set this burgeoning construction tech player up for success.
Shares in PARKD are trading for 5.7 cents per share on Tuesday, May 17.