Captive market: Resido tenants average $20k at Sylvia Park
Kiwi Property Group's $220 million punt into the build-to-rent market is now at 88% occupancy, with growth faster than expected and the spinoff benefit being bigger spending at next door's Sylvia Park.
Revaluations: Down slightly, by 0.3% to $3.3 billion
Main takeaway: Build-to-rent investment starting to reap dividends, while the property group also hives off Drury land holding.
New tenants at Kiwi Property's Resido build-to-rent development have pushed their average spend at next door Sylvia Park by more than three times prior to moving into the complex.
Research from ANZ bank card spending shows average spend at the retail centre moved from about 4% prior to tenants
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