Auckland’s Largest Shopping Centre Sale Since 2014

In a landmark transaction for New Zealand’s retail property market, Manukau Supa Centa, the country’s second-largest large-format retail (LFR) centre, has been acquired by Property Income Fund (PI), managed by Willis Bond, for NZ$161 million. This sale marks the largest retail property transaction in Auckland since 2014 and the most significant LFR asset sale in New Zealand’s history.

The 39,000 sqm centre, situated on a 9.8-hectare site at the corner of Lambie and Cavendish Drives, just 21km from Auckland’s CBD, was exclusively handled by JLL’s Retail Investments team, led by Nick Willis, Sam Hatcher, Harry Fergusson, and Jonathan Ogg. The competitive sales process attracted over 13 Expressions of Interest from both local and offshore investors, underscoring the return of capital depth & liquidity in New Zealand’s retail market.

Manukau Supa Centa, New Zealand’s first large-scale LFR centre established in 1996, is 100% leased to a high-quality mix of 44 national and international retailers, with 96% of its tenant base weighted towards globally recognised brands. Anchor tenants include a top-performing 24-hour Kmart, one of the strongest in the Australasian network, alongside flagship stores such as Briscoes, Rebel Sport, Noel Leeming, Baby Bunting, and Zone Bowling. Strategically co-located with Harvey Norman, Bunnings Warehouse, and Mitre10, the centre forms a dominant retail precinct exceeding 60,000 sqm of gross leasable area, with over 45% of Auckland’s population within a 25-minute drive.

Nick Willis commented, “The sale of Manukau Supa Centa represents a significant milestone, marking the largest retail transaction in Auckland in over a decade. The strong investor interest highlights the return of confidence in New Zealand’s retail market and the appeal of dominant, high-quality assets like this.”

Established in 2020 by leading New Zealand property developer and investment manager Willis Bond, Property Income Fund focuses on high-quality, income-generating assets. The acquisition lifts PI’s portfolio to $335 million in assets under management. PI Director Wayne Silver said, “We are thrilled to add Manukau Supa Centa to our portfolio. Large-format retail in Auckland is demonstrating strong rental growth, and this centre’s exceptional tenant mix and strategic location make it a standout performer. We look forward to enhancing its success alongside our tenants and property manager.”

Sam Hatcher noted, “This sale coincides with a global capital shift back to retail, driven by the sector’s robust fundamentals and growth potential. As the LFR market tightens in Australia, investors are increasingly looking to New Zealand for dominant assets like Manukau Supa Centa. ”

With Auckland’s population projected to reach 2.4 million by 2050 and the centre’s main trade area expected to grow to 587,657 by 2046, Manukau Supa Centa is well-positioned to capitalise on significant demographic and retail expenditure growth in the southern corridor.

Harry Fergusson added, “The sales process has shown that investor confidence is back for prime and large scale retail assets within New Zealand. High-quality retail assets in core markets like Auckland remain tightly held, making this a rare opportunity.”

Jonathan Ogg further highlighted the market’s strength, stating, “Following the stabilisation of markets and a shift in the cost of funds, we’re seeing renewed demand for commercial real estate in New Zealand. Alongside this transaction, JLL also recently concluded the NZ$180 million sale of Auckland’s Intercontinental, reinforcing the return of capital confidence.”

Manukau Supa Centa’s unconditional sale and purchase agreement with Property Income Fund is set to settle on 30 June 2025.