Ngati Whatua Orakei Whai Rawa turned around from a loss last year of $304,773 to $2.2 million profit in the latest period.
That profit excludes revaluations and gains on the disposal of long-term pre-paid leases.
The turnaround was due largely to cashflow paid by the occupants of its extensive Quay Park land holdings - including Vector Arena, the three Scene apartment blocks and the Countdown supermarket - and rent from the Aecom House office block at 8 Mahuhu Cres, which it bought last November for $67 million.
Ngati Whatua declared $5.6 million annual passing rent from the fully tenanted, eight-level block.
Whai Rawa is the commercial arm of the Ngati Whatua Orakei Trust.
The sale of a 150-year lease on the North Shore's Wakakura block to retirement giant Ryman Healthcare had boosted last year's result.
The total value of Ngati Whatua's investment property now stands at $726 million.
Accounts out for the year to June 30 show that although revenue was relatively static, pre-tax pre-revaluation profit dropped from $5.5 million last year to $2.7 million this year but total net assets rose from $390 million to $458 million.
A spokesman said extra expenses had been incurred mainly because of upgrades on the iwi's large stock of Auckland houses.
It was because of the money invested in houses from Housing New Zealand, he said, upgrading 41 homes in the latest financial year, putting in facilities such as new heat pumps, insulation, and kitchens.
Many of those houses are in the Bastion Point vicinity, around Orakei, and the accounts show $2.9 million was spent on houses there.
In 2015, Ngati Whatua spent a significant amount on the Orakei housing refurbishment programme, doing up whanau homes to provide healthy and safe environments. There were also costs associated with the construction of Kainga Tuatahi on Kupe St, where 30 houses are being built to be purchased by whanau in a pre-approval screening process.
Net profit after tax, including the revaluation in the June 30, 2014 year, was $75,067,298, down to $68,898,475 in the 2015 year.
The sale of the leasehold interest in land at the Wakakura block, at Ngataringa Bay between Devonport and Belmont, resulted in a one-off, $3.5 million boost to last year's result.
In the 2015 year, net profit after tax with revaluations fell.
The gain on revaluation of investment property was lower in 2015 than 2014 because of the negative valuation impact of expected remedial repairs on the iwi's big retirement village, Eastcliffe, at 217 Kupe St.
Rob Hutchison, chief executive, said the leaky Eastcliffe village would cost "approximately $12million" to fix, a job likely to take five years.
The annual report said Ngati Whatua had acquired significant land holdings of more than 160ha on the Tamaki isthmus.
Chairman Michael Stiassny said the continued strength of the Auckland property market was a key factor in the growth of its portfolio.
Annual contracted rents increased 31 per cent, he said, attributing that to the completion in 2011 of the Quay Park leasehold ground rent review as well as the Aecom purchase.
"Aecom House alone has contributed approximately $3.7 million in operating revenue since November 2014," Stiassny said.
"Whai Rawa will continue to look for suitable opportunities to increase the proportion of higher yielding assets within its portfolio, either via acquisitions or development of existing assets."
Sources said an announcement was expected before Christmas on Whai Rawa's plans for 21.3ha of North Shore land obtained as part of Ngati Whatua's treaty settlement. Whai Rawa refers to the land at Belmont, Bayswater and Hauraki as the Hillary Block.
It is not expected to sell the land, but could team up with a development specialist to launch a plan.
Likely candidates include Fletcher Building, Todd Property or Willis Bond, though no details have yet emerged from any parties on potential partnerships.
An extensive component of the new housing development will be for Navy staff. Navy personnel are expected to be shifted from their existing leased sites and houses to new homes. Any project could include apartments as well as standalone residences.