Parkd (ASX:PKD) has made first cash from a buy-it-or-lose-it clause for its first car park, with the test dummy agreeing to buy the project.

A Perth Subaru dealership will pay $690,000 for the pilot car park the ASX company finished in August last year.

Parkd shares rose 20 per cent to 18c.

The deal was flagged at that price in the Parkd 2017 IPO prospectus.

Parkd built the 49 bay car park out of its own pocket for the Subaru dealer’s exclusive, and free, use for six months from practical completion.

During that period the dealership had an option to buy the car park, and if they didn’t Parkd would remove it at no cost.

The dealership scraped in at the very end of the six-month period with the purchase.

Managing director Peter McUtchen said they were leasing it to the dealership at a peppercorn rate, or below-market value terms.

He declined to outline what the project cost them to build, but said a lot of R&D spending went into the project and after government R&D grants were factored in they came out even.

John Nossiter, City Subaru Dealer principle, was effusive in his praise.

“The construction of the car park was a God send for our business and has given us the ability to deliver the best customer experience in Perth for Subaru.”

Parkd shares over the last 12 months.