ApexHi MD David Rice says specialist skills continue to be enlisted to maximise the potential of its core portfolio. “In the past ApexHi was reliant on purchasing new properties to enhance earnings, but now there is increased focus on organic growth in the core portfolio. Investing in specialists forms part of ApexHi’s strategy to grow this core portfolio,” he says.

Waddoup will investigate parking revenues generated from the standalone parking garages, retail centres and offices in the ApexHi portfolio and introduce measures to improve on them. This entails reviewing and implementing actions plans for operator and operation control, audits of monthly and casual parking systems and performance, the status and suitability of equipment and the costs of operation.

Tariffs will be assessed in relation to the nodes in which the properties are situated, the occupancy levels, tenant lease constraints and policies pertaining to tariff setting and reviews. In addition to looking at controls and tariffs, Waddoup will assess the marketing strategies and state of equipment for each centre. “Equipment is a major capital investment, which constantly requires servicing and maintenance and can help to monitor an operator’s performance,” he says.

“Parking has traditionally been neglected by property owners. Because parking is usually outsourced, the emphasis has been on squeezing the costs, which ultimately leads to a drop in service levels. If properly managed, parking revenue can be as much as 8% of the gross revenue of a retail centre. Being a high volume, low denomination cash business, controls and attention to detail are paramount,” he says.

Each parking garage needs its own review and strategy and Waddoup will begin by reviewing 20 key buildings in ApexHi’s portfolio. He will work closely with property management company, Broll, as well as specialist retail consultant, Mark Ruffley, and the various parking operators.
 
One of the strategies is to make parking tickets uniform across the portfolio. This will provide the opportunity to purchase tickets in bulk and reduce costs. Further revenue is also planned to be generated from selling advertising on the back of the tickets.