4. Car stackers
If you’ve spent time in a large shopping centre, you’ll know that a lift well takes up a lot less real estate than escalators and travelators. Likewise, using a car lift or car stacker means you can take advantage of vertical space to store more than one car.
You might have noticed car stackers becoming more common in city areas with little to no new land supply – they’re a great way of providing parking in space-constrained urban environments.
You will, however, need to dig a pit to create that vertical space below ground level. Expect to pay from $17,000 to construct a pit and from $16,000 for a basic, two-car stacker up to $60,000 for premium models.
I’ve seen carstackers used for an entire car parking solution for a 10-storey car park, where your car is automatically slotted into a free space. That’s a more extreme solution, but Developers are always looking for new ways to solve old problems!
5. Visitor car parking, car washing bays
Councils also have rules around the provision of visitor car parking. Depending on the design of your development, visitor parking might be at street level, in the basement or via a car stacker.
Visitor parking is especially important in city suburbs where on-street parking simply isn’t an option either as a result of more demand than supply, or due to main road restrictions or clearways.
In some cases you might also be expected to provide car washing bays so that residents can safely wash their cars within the confines of the building.
At first glance many of these solutions look like an expensive fix – after all, we’re talking in the tens of thousands of dollars for some of these options. But it all comes down to feasibility and the return on your investment.
In some instances, onerous parking requirements will blow your budget and send you back to the drawing board to hunt for a new development site.
In other cases, Council may not have legislated for the best possible parking scenario, but by providing more (or better) parking than required, you could increase your profit margin.
Generally speaking you’ll get a much bigger return for a property offering two car spaces than a property with a single car space. You may need to spend an extra $40,000 to add that additional space, but your yield might increase by $100,000 or $200,000.
As always, it pays to weigh up the risks and rewards before you allocate funds or lock in a decision.
Just remember, if you can nail the car parking on your next project there’s a good chance you’ll drive away with a better than expected profit, so it’s 100% worth a little extra research time.