Manukau Supa Centa set to be sold for $161m to Willis Bond’s Property Income Fund

The centre includes a 24-hour Kmart, one of the top-performing in Australasia.

Property Income Fund, established by Wellington-headquartered Willis Bond, is buying the Manukau Supa Centa for $161 million from a Canadian-owned business.

Wayne Silver, a Property Income Fund director, announced the plan to purchase the property.

Supa Centa was New Zealand’s second biggest large-format retail centre and the most significant asset of its kind to be offered for sale since 2007, a statement said.

It is on a 9.8ha site on the corner of Lambie Drive and Cavendish Drive across 39,000sq m.

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.

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

The property has been sold by PSPIB/CPPIB Waiheke Inc.

PSPIB stands for Canada’s Public Sector Pension Investment Board. CPPIB stands for the Canadian Pension Plan Investment Board.

Property Insider reported on the retail centre being up for sale back in March.

Latest financial accounts for the company, which also owns other properties in Auckland, showed profit had sunk lately, from $19.4m in the year to December 30, 2023 to $905,000 in the year to December 30, 2024.

That is because 2023’s accounts were boosted by a $27.2m gain on the value of investment properties. In 2024, the business had its valuations written down in a $15.4m unrealised loss.

But rental income increased from $72m to $74m.

Property records indicate the Canadian business also owns Auckland’s 45-53 Queen St and Wellington’s 12 Customhouse Quay, 113 The Terrace and 45 Pipitea St.

Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.