Delivering long-term value through disciplined development and asset management

At PMG, our focus is simple: invest in assets that are fit for purpose, well-located and underpinned by strong fundamentals. The 390 Prestons Road development in Christchurch is a clear example of this approach in action.

Identified early as a long-term large-format retail opportunity, the project reflects our disciplined approach to development-led investing - combining tenant demand, location fundamentals and execution certainty to deliver a resilient outcome.

A strategic location with enduring demand

Prestons Road forms part of a fast-growing catchment in north-east Christchurch. Population growth, improving infrastructure and a lack of comparable large-format retail supply made the site well-suited to accommodate a nationally recognised tenant with long-term requirements. From the outset, the focus was on ensuring the asset would remain relevant across market cycles, prioritising accessibility, scale, and adaptability over short-term yield optimisation.

Tenant-led development

A key feature of the project was securing an anchor tenant before construction began. This tenant-led approach significantly reduced leasing risk and allowed the development to proceed with confidence. By aligning the design and build program to tenant requirements, the project balanced functionality with long-term durability - supporting both tenant performance and asset resilience.

Disciplined delivery through experienced partners

Execution matters. The Prestons Road project brought together experienced development and construction partners under a clearly defined delivery model. Fixed-price contracting, detailed project governance and active oversight helped ensure the development progressed as planned, even in a challenging construction environment.
This focus on execution is a core part of PMG’s asset management philosophy — protecting investor capital while positioning assets for long-term performance.

A long-term asset for a diversified portfolio

Following completion, Pacific Property Fund (PPF) acquired the property, recognising its alignment with the Fund’s income-focused mandate and long-term horizon.
The acquisition reflects PMG’s broader investment strategy: combining development capability with active asset management to deliver assets that can be held, optimised and integrated into diversified portfolios.

PMG’s investment approach

The 390 Prestons Road case study highlights several principles that guide PMG’s investment decisions:

• Tenant demand and location fundamentals come first
• Risk is reduced early through structure and partner selection
• Delivery discipline is critical to long-term outcomes
• Assets are selected with long-term ownership in mind

To explore the full development journey and asset outcomes, view the case study below. Read the 390 Prestons Road case study here.

Disclaimer: The information in this article is of a general nature and was current at March 2026. It is not intended to be regulated financial advice for the purpose of the Financial Markets Conduct Act 2013 and does not take your individual circumstances and financial situation into account. PMG does not provide financial advice. Please seek advice from a licensed financial advice provider before making any investment decisions.