Mike O’Sullivan was a registered valuer before he started a property management company where his wife Gay remains a director and major shareholder.
But the couple made its real money in property investment – acquiring about 200 inner-city apartments, which are mostly held in companies directed by Mike but owned by Gay and associated trustees.
One of the most impressive investments was the acquisition of the Karori Mall in 1988 for about $3m. Twenty-eight years later, in 2016, the property was offloaded to Foodstuffs for $22m.
From a family of 11 children, Mike has strong business ties to his two independently wealthy brothers – Leo and Kieran – who own and operate the Hutt City and Petone Pak‘n Save supermarkets. The brothers have a joint venture, KLMOS Properties, which owns a multi-million-dollar portfolio of mainly industrial buildings in Petone.
A long-serving volunteer at the Mary Potter Hospice, Mike O’Sullivan also made a $3m donation in 2017 toward the construction of a new apartment complex for the organisation. He and Gay are also long-term patrons of the NZ Art Show.
2018: $120 million