Portfolio

Property Income Fund acquires high-quality property assets of scale, in partnership with some of New Zealand's leading businesses. Our portfolio comprises the following assets:

Manukau Supa Centre, Auckland

 

Acquired in May 2025, Manukau Supa Centa New Zealand’s second-largest large-format retail centre. Occupying a 9.8-hectare site on the corner of Lambie and Cavendish Drives in Auckland, the 39,000 square metre centre is one of the city’s most dominant retail destinations. It is 100% leased, and home to 44 tenants, including a high-quality mix of national and international retailers. Anchor tenants include Kmart, Briscoes, Baby Bunting, Noel Leeming and Rebel Sport. The centre’s Kmart is among the top-performing stores across the brand’s Australasian network and operates 24 hours a day.

 

Property Details

Tenant

Various (44 in total) including Kmart, Briscoes, Baby Bunting, Noel Leeming and Rebel Sport

Net Lettable Area

39,372 square metres

Lease type

Net Leases

Lease terms

Various

90 Devonport Road, Tauranga

 

Acquired in 2025, 90 Devonport Road is the largest modern mass timber commercial building in New Zealand. There is a 15-year net lease in place with Tauranga City Council for the entire building. The building is 6 Green Star rated and is targeting an all-of-life embodied carbon reduction of more than 60%, and a 5 star NABERS rating.

 

Property Details

Tenant

Tauranga City Council

Net Lettable Area

10,400 square metres

Lease type

Net Lease

Lease term

15 years

Valuation

(as at 31/03/24)

$97,700,000

484 Nayland Road, Nelson

 

Acquired in 2020, 484 Nayland Road is home to T&G Global, one of the largest growers of fresh produce in New Zealand. The eight hectare site accommodates the majority of T&G’s post-harvest operations in the Nelson region, including its packhouse and most of its associated cool stores. T&G Fresh’s domestic Nelson operations are also based at the site.

 

Property Details

Tenant

ENZAFruit New Zealand International Limited.

Unlimited guarantee provided by NZX listed T&G Global Limited

Net Lettable Area

39,673 square metres

Lease type

Triple Net Lease

Lease term

15 years

Valuation

(as at 31/03/24)

$46,400,000

1 Fraser Street, Timaru


1 Fraser Street is large stand-alone industrial site with a net lease in place to NZX-listed Fonterra Limited. Located adjacent to Timaru Port in South Canterbury, it is a core site for Fonterra, used to store milk powder from the nearby Clandeboye dairy processing plant.

 

Property Details

Tenant

Fonterra Limited

Net Lettable Area

21,876 square metres

Lease type

Net Lease

Lease term

10 years

Valuation

(as at 31/03/24)

$26,750,000
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