Are you thinking of including a retail site in your investment strategy? Before you start shopping, make sure you understand the role of commercial car parks.
While residential investment properties tend to dominate the headlines, commercial investing can be equally as advantageous and a compelling alternative. Much like residential property, commercial investment is tied to the expectation of renting out a space, and receiving rental income from a tenant.
The benefits associated with commercial property investment include higher yields, the fact that leases are often much longer periods of time, the application of GST, and that maintenance, rates and insurance costs are often paid for by the lessee.
However, investors often overlook one crucial element – commercial car parks. Along with providing a place for new and existing customers to access their store, businesses also have a responsibility to take commercial road safety seriously. Whether we like it or not, commercial car parks matter.
Three Reasons Why Commercial Car Parks Are Important
Many investors discover too late that commercial car parks often present their own fair share of challenges. If customers arrive without the challenge of finding and navigating busy parking lots, it immediately puts them in the right frame of mind to enjoy their shopping experience.
Much like the layout of a space, noise level, or even temperature, parking can make or break the way a customer feels when they’re visiting a business. In addition, it’s likely to determine whether or not they return. In fact, 40% of drivers have indicated that they actively avoid shops where parking is a challenge.
To attract people to your venue and to ensure that they ideally come back, access to your business needs to be both convenient and safe. As such, these are the key reasons why commercial car parks have an integral part to play in the success of your business.
Client Retention – Parking is the first touch point a business has with customers. When that interaction is positive, it starts the customer experience off on a good note. On the other hand, a poor parking experience can make customers frustrated from the onset. If you want your customers to keep coming back, commercial car parks are a must.
Increased Spending – Although this will depend on the nature of your business, outlets that stock physical goods will often see higher consumer spending if a client knows that their car is nearby, and that they don’t have to lug their purchases too far. If that’s not a great return on investment, we don’t know what is.
Safe Access – Addressing commercial car park safety often boils down to a wide variety of factors, such as your location, type of business, and the size of the carpark in question. While the budget will often influence the types of materials and safety features you use, safe access to a business – especially if your customers have children – is important.
Ultimately, commercial car parks also need to be visible, or else they’re all but redundant. Customers should be able to clearly identify where to enter the property to park, so appropriate signage should be present to direct drivers from the main road, and help them to determine which spaces are appropriate to park in.
In Australia, road safety is an extremely serious business – and it should be. For business owners and investors who are in the process of constructing a new commercial car park or are considering an upgrade to an existing one, it’s important to do your research on the types of products on the market specifically designed for carpark safety.
While the carpark in question may only require one or two physical barriers or additions to the ground as a means to boost awareness and levels of safety, some of the most common additions include speed humps, rumble bars and wheel stops – but where do you find them?
Partnering With The Road Safety Professionals
At Speed Humps Australia, we’ve spent twenty years focusing on one thing: to provide one style of product, and to do it exceptionally well. We have worked tirelessly to develop specifications that do not fade or deteriorate, are easy to install, and are made from high-quality, recycled rubber for minimal environmental impact.
With just a handful of our clients around the nation including McDonalds, KFC, Westfield, Mining operations and various local Governments, our rumble bars, speed humps and wheel stops have been purposefully designed to truly go the distance.
As our design and production is all handled in house and supplied Australia wide, get in touch with us today to request a quote or discuss how we can help with providing a tailored solution to your unique project requirements.