90 Devonport Road achieves practical completion on time

Property Income Fund's (PI) 90 Devonport Road acquisition has achieved practical completion on time on 28 March 2025. This is this trigger for the commencement of Tauranga City Council's 15-year lease.

Located in the heart of Tauranga’s city centre, 90 Devonport Road is an eight-storey, 10,400-square-metre building. It is fully leased to Tauranga City Council.

The Council’s administration team is now in the process of moving into the new premises, bringing staff together under one roof for the first time since 2015.

Wayne Silver, Managing Director (Funds & Finance) at Willis Bond, said: "90 Devonport Road is an exceptional addition to Property Income Fund’s portfolio. It demonstrates the commercial viability of sustainable design and construction at scale. The building’s strong tenant covenant, long lease, and high environmental credentials align with our strategy of acquiring long-term, high-quality assets."

Setting a new standard for large-scale sustainable commercial development in Aotearoa, the building features a hybrid structure of steel and engineered timber – incorporating locally sourced Laminated Veneer Lumber (LVL), Cross Laminated Timber (CLT), and Glulam. This approach reduces its whole-of-life carbon footprint by more than 60% compared to traditional construction methods.

The building has achieved a 6 Green Star design rating – the highest available – and is targeting a 5-star NABERSNZ energy rating and Gold WELL certification, supporting reduced operational costs through energy and water efficiency.

Established by Willis Bond in 2020, PI invests in long-term, income-generating property across New Zealand. 90 Devonport Road joins a portfolio that includes strategic industrial assets in Nelson and Timaru.