Perth-based modular carpark maker PARKD jumps 9% on $12.4m contract with Audi luxury retailer

Thu 29 Sep 22, 1:41pm (AEST)
A sleek black Audi sedan faces the camera head on in an atmospherically lit dark carpark
Source: Unsplash

Key Points

  • A modular carpark is a rapidly constructed infrastructure asset using steel beams and prefab cement to outcompete traditional construction methods
  • Company most recently installed a contained two-level carpark inside a John Hughes warehouse
  • PARKD will not only construct a three-storey carpark facility at Audi’s Myaree yard, southwest of Perth, but also a sales building outright

PARKD (ASX:PKD) shares have jumped 9% to 2.4c in early trade as the company reveals its latest contact: valued at $12.4m, PARKD will build Audi a 3 storey carpark facility, and a generalised showroom structure facilitating sales, at the latter’s Myaree yard. 

PARKD will be responsible for manufacturing both the carpark asset itself, as well as the showroom building. 

All in all, the 4000m² facility will comprise of: 

  • A 12-car showroom with 16 service bays 

  • External capacity to hold 46 cars 

  • Undercover all-weather customer parking 

Of the $12m, some $7m in value is expected to come from the showroom asset, including the structure itself, exterior facade and glazing.

Proven ability ahead of works start 

The company has already demonstrated its ability to build assets for caryards, with its most recently completed contract being for John Hughes dealers, just outside the Perth CBD. 

John Hughes’ mammoth Victoria Park landholding (as far as urban city design goes) is where PARKD built its most recent modular design, installing a two-level carpark for the dealership inside an existing one-storey warehouse. 

That project was completed on-time and on-budget, even as materials shortages continue to significantly disrupt the local construction industry (and that nationwide.) 

Using a mix of high-weight-bearing steel beams and prefab slats, the company was able to rapidly build a permanent second storey, all while kept indoors and without needing to modify the exterior dimensions of the existing warehouse.

At this current time, the company is also probing the NZ government tenders list for contracts it can take on; demonstrating the company’s pan-Oceania focus. 

Auto retail a key target 

“The application and value of our IP by the Auto Retailer Sector has long been identified as a key commercialisation target for the company,” PARKD MD Peter McUtchen said. 

“This contract further strengthens PARKD as the future of dealership design and standing as a specialist turnkey construction solution provider in Australia.” 

Perth Audi Centre owner (also a non-executive chair of PARKD) Bronte Howson echoed McUtchen. 

“Having developed over 80 dealerships in Australia and New Zealand whilst MD of Automotive Holding Group, I am delighted to contract PARKD to construct my second Audi dealership in Perth.” 

A look at PARKD's six month charts
A look at PARKD's six month charts


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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