In five years, Central Park in Auckland has evolved into one of New Zealand’s leading mixed-use commercial hubs, driven by a value-add strategy spearheaded by KKR and Oyster Property Group. 

What started as an underutilised business park has transformed into a thriving asset, with considerable growth potential still to be unlocked.

Strategic partnership ignites transformation

In 2018, global investment firm KKR and New Zealand’s Oyster Property Group acquired Central Park in Ellerslie, Auckland. Recognising its prime location and extensive 6.2-hectare landholding, the joint venture aimed to revitalise the site, boosting tenant value and diversifying income streams.

Oyster Chief Executive, Mark Schiele, said there is growing demand for more affordable but high-quality space on the urban fringes of Auckland. 

“We saw the opportunity to create a dynamic precinct that reflects how people want to work, live, and engage in their community - today and well into the future.”

Today, Central Park accommodates more than 3,000 workers across 12 office buildings, encompassing 47,000 square metres of net lettable area. The site boasts lease stability with a weighted average lease term of over five years and an 85% tenant retention rate.

Supporting Auckland’s growth needs

Located within Auckland’s Southern Corridor, with motorway access, a nearby train station, multiple bus routes, and close proximity to the CBD and airport, the precinct is a clear win for tenants in a growing and congested city.

“Auckland’s growth trajectory demands a forward-thinking approach to urban development,” Schiele noted. “Central Park’s location and strategic planning ensure it remains aligned to the city’s evolving landscape, creating value for our tenants and the wider community.”

Redefining live-work-play in New Zealand

The demand for mixed-use precincts is on the rise in New Zealand, echoing trends in other major global cities. 

Central Park is at the forefront of this shift, exemplified by The Green, an award-winning food and beverage hub that transformed a former car park into an inviting communal space complete with six food and beverage offerings, outdoor dining, a movie screen, and recreational amenities.

Schiele said that while it was not an investment that was on the original business plan, today, The Green plays a key role in leasing appeal at Central Park.

 “It’s not just a space for food and drink; it’s a place where people come together, creating a vibrant community atmosphere. This has proved to be attractive to our occupiers, who want to offer their team a range of quality amenities outside of their office space.”

Attracting high-profile tenants and sustaining growth

Central Park is home to a diverse range of tenants, including notable brands such as Bunnings, Estée Lauder, Turners and Growers, Bidfood and Restaurant Brands, alongside government agencies like Waka Kotahi NZ Transport Agency and KiwiRail. 

The recent completion of the Auckland Rail Operations Centre for KiwiRail—a bespoke, three-level building that meets ‘Importance Level 3’ standards and holds a 5 Green Star certification—highlights the precinct’s appeal for major, long-term tenants.

“The quality of our tenants is a testament to Central Park’s strategic value,” Schiele added. “It underscores the calibre of the environment we’ve built, one that meets the highest standards and anticipates future needs.”

A vision for future expansion

Central Park’s future is set for continued growth, with plans to expand the net lettable area from 47,000 square metres to 75,000 square metres, creating one of New Zealand’s largest mixed-use developments. 

Prospective projects include new high-rise towers adaptable for office, residential, or medical uses, alongside modernised façades and enhanced public spaces.

“The next phase for Central Park will unlock even greater potential,” said Schiele. “We’re looking to create a development that not only meets market demand but redefines what a mixed-use precinct can achieve in Auckland.”

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