Auckland shopping centre sold to property investor for $161m

Tuesday, 27 May 2025

The Manukau Supa Centa, one of the country’s largest retail centres, has been sold to Wellington-based property developer and investment manager Willis Bond’s Property Income Fund - for $161 million.

Property Income Fund director Wayne Silver said it was the most significant asset of its kind to be offered for sale since 2007.

The Supa Centa occupies a 9.8-hectare site on the corner of Lambie and Cavendish Drives in Auckland. The 39,000 sqm centre is one of the city’s most dominant retail destinations.

The Supa Centa is fully leased and home to 44 tenants, including a 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 Income Fund was established in 2020 by Willis Bond and invested in high-quality, long-term income-generating assets nationwide.

The acquisition of Manukau Supa Centa lifts the fund’s total portfolio to $335m in assets under management.

Property Income Fund also owns a mass timber commercial building in Tauranga currently leased to the Tauranga City Council, an eight hectare industrial site in Nelson and another in Timaru leased to Fonterra.

“We are delighted to acquire Manukau Supa Centa for Property Income Fund. Large-format retail in Auckland is showing strong rental growth relative to other property sectors, and this centre is a standout performer within the category,” Silver said.

“We look forward to working closely with tenants and the property manager to enhance the centre’s continued success,” Silver said.

The sale was managed by JLL. The fund has entered into an unconditional sale and purchase agreement, with settlement scheduled for June 30.

The property was sold by PSPIB/CPPIB Waiheke Inc.