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Announcement posted by TLK Partners 21 Jun 2019

Traditional car parking just got disrupted says Thomas Mousa, senior partner of Sydney-based TLK Partners.


Traditional Car Parking Just Got Disrupted

There’s a news disruptor on the scene, Sydney-based property technology startup, BaseUp, is the first platform in Australia to create a smart parking technology solution for large tenants and landlords in the commercial property sector.

The platform is making parking easier for companies and their employees and changing the way employees access office parking.

Identifying a changing workplace including casual parking, mobile working and childcare pickups, BaseUp provides a suite of solutions that solve one of commercial real estate’s biggest problems – under-utilised parking and a lack of flexibility for employees.

"It had to come," says financial expert Thomas Mousa, senior partner of Sydney-based TLK Partners, "carparks are an excellent business," he said.

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Building on the company’s success in 2018, BaseUp has secured a number of global and local clients including Insurance Australia Group (IAG), Schneider Electric, Charter Hall and Brookfield Properties.

The co-founders are excited to close their recent $1 million Series A investment which will see the company expand rapidly including hiring technology, operations and sales staff and investment into R&D projects.

BaseUp’s platform is made up of three pieces of technology all custom configured to meet the requirements of the tenant and landlord.

Their cloud-based management dashboard allows administrators to configure how they want their car park to be managed, the staff App lets employees self-manage the parking spaces available to them, and BaseUp’s access hardware enables drivers to come and go using Bluetooth.

Mousa says, "disruptors simplify traditional processes making the service current and appealing."

BaseUp’s platform gives tenants and landlords the data and functionality required to introduce shared parking by facilitating multiple employees’ coordinated access to a single bay or group of spaces. This increases utilisation, frees up spaces for new uses and makes parking available to the largest group of staff possible.

BaseUp’s platform has been designed to provide these benefits while automating the management typically required by tenants and landlords to run a car park.

Co-Founders, Jack Perkins, Alex Peck and Peter Carey found a gap in the market with traditional parking models and saw an opportunity to transform the commercial parking sector. The three knew they could make an impact by introducing technology to the way office parking was used.

“While working on the BaseUp business model, we discovered that CBD tenants spend $2.5 billion on office parking each year,” said Jack.

“The opportunity for BaseUp to disrupt tired and inflexible systems is enormous. We found that on average, only 65 per cent of the office parking spaces are utilised during the working week. This represents over $800m in wasted spending on parking annually for companies,” he said.

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Alex adds, “This underutilisation and inflexibility means that 35 per cent of spaces in office car parks are empty during the work week and almost 150,000 drivers are using paid commercial car parks instead of their own office parking.

“This means that employees spend almost $1 billion annually on parking outside their own company. This is a lost opportunity for businesses but a problem that BaseUp is solving.”

"Whilst BaseUp is not our client, TLK Partners is well resourced to advise companies similar to BaseUp to achieve their goals," Mousa concludes.

TLK Partners Wealth Management Companies Kingsgrove, Beverly Hills | Tax Accountant & Agent | Property Advisers are financial management, retirement planning and wealth advisers serving enterprises and private individuals who hope to take care of their future through sound financial management. Visit their website or contact them at (02) 8090 4324 for an appointment to discuss your financial management and investment needs.

This material is of a general nature only, and it does not take into consideration your financial circumstances, needs or objectives. Before making any decision based on this content, you should assess your own circumstances, seek professional advice or contact our office to be directed to the appropriate professional. Whilst all care has been taken in presenting the material neither TLK Partners or its associated entities guarantee that the material is free of error and, the information may have changed since being published.

Syndicated by Baxton Media, the Market Influencers.

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