PFI acquires two Mt Wellington Highway properties for $36m

Property for Industry Limited (PFI) has entered into unconditional agreements to acquire two properties at 505 and 507 Mt Wellington Highway, Mt Wellington, Auckland, for a combined purchase price of $36 million. The acquisition, expected to settle in December 2025, will add approximately 13,800 sqm to PFI's portfolio.

The acquired properties are currently leased; 505 Mt Wellington Highway is leased to J.A. Russell Limited until October 2031, and 507 Mt Wellington Highway is leased to Johnson & Johnson (New Zealand) Limited until August 2030. Both leases include additional renewal rights, and the combined passing rent for these properties is approximately $2.069 million.

This acquisition expands PFI's holdings in the area, creating a contiguous 3.3-hectare site when combined with its existing properties at 509 and 511 Mt Wellington Highway. PFI's chief executive officer, Simon Woodhams, highlighted the strategic value of the acquisition, noting the properties' strong tenant covenants and attractive redevelopment potential.