30 Jan 2026
Christchurch continues to be one of the country’s most energised growth regions, and the completion and settlement of the new Mitre 10 MEGA Prestons Road store adds another strong marker to that momentum. As investor confidence lifts, we believe large‑format retail (LFR) assets like this are sound long-term investments - offering long leases, essential‑service tenants, and strong rental growth over the lease term.
For PMG this milestone represents not only the delivery of a high‑quality development, but also a well‑timed addition to our portfolio as the commercial property market moves into a renewed phase of activity and confidence in 2026.
The 12,100m2 represents a multi-year collaboration between PMG, Tuatara Structures, Mitre 10, and key suppliers through flooding-prone conditions, evolving design requirements, and a complex delivery environment.
The property is a key strategic acquisition for Pacific Property Fund over the long-term, partnering in the transaction with wholesale investors in 390 Prestons Road LP.
Purchased below market valuation, in a sought-after market sector, the 20year triple-net lease to Mitre 10 includes minimum levels of fixed rental growth, designed to support the stable growth of long-term income for the Fund.
An expanding catchment around the development, which is part of a bigger 3.5-hectare retail development, is reflective of how Christchurch continues to stand out as a region, with tailwinds for strong LFR performance into the future.
With the store now open to the public, we look forward to managing a stable, long-term asset backed by one of New Zealand’s most trusted retail brands.
The Mitre 10 MEGA Prestons Road development represents the very best of PMG’s approach: partnering with leading operators, investing in strategically located assets, and creating longterm value that benefits investors and local communities.
Disclaimer: The information in this article is of a general nature and was current at January 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.
