- Parkd (PKD) shares spike after an $8.2 million Heads of Agreement (HOA) is signed with Coxon Group for a four-level car park and commercial development lot in Kewdale
- The lot will provide 8400 square metres of total floor area, consisting of 257 bays and 1000 square metres of office space on level four
- The first stage includes the design and pre-construction work and will be completed in the first quarter of 2022
- The agreement is non-binding in respect to the second stage but will recognise the parties’ mutual intent to proceed with the stage if the council approval is passed
- Shares in Parkd were up 33.33 per cent to $0.06 at the close of trading on Thursday
Parkd (PKD) shares spiked as an $8.2 million Heads of Agreement (HOA) was signed with Coxon Group for a four-level car park and commercial development lot in Kewdale, Western Australia.
The lot will provide 8400 square metres of total floor area, consisting of 257 bays and 1000 square metres of office space on level four.
According to the announcement, the first stage includes the design and pre-construction work and will be completed in the first quarter of 2022.
The second stage is subject to council development approval and a signed constructed contract.
The HOA ensures both parties guarantee the payment of consultants’ fees and works associated with stages one and two, which is estimated at around $300,000.
The agreement is non-binding in respect to the second stage but will recognise the parties mutual intent to proceed with the stage if the council approval is passed.
CEO Peter McUtchen said signing the contract comes at an exciting time for the company.
“Following the awarded contract last month from the John Hughes Group to provide an 80 bay mezzanine within an existing facility this project presents PARKD with the perfect opportunity to further showcase the benefits and versatility of our unique modular system with this multi-level car park and commercial construction,” he said.
Shares in Parkd were up 33.33 per cent to $0.06 at the close of trading on Thursday.