What Willis Bond does

Willis Bond is a New Zealand property development and investment company founded in 1988 and headquartered in Auckland, with regional offices in Wellington and Tauranga. The firm operates a dual business model combining development services with investment fund management, having delivered 27+ development projects across New Zealand with a combined end value exceeding NZ$2.5 billion. Its portfolio spans commercial office buildings (90 Devonport Road, PwC Centre, Bell Gully Building), residential apartments (Catalina Bay Apartments, Victoria Lane Apartments, 30 Madden), civic infrastructure (Tākina Convention Centre, Tauranga civic precinct), campus developments (Blue Mountains Campus), and large-format retail (Manukau Supa Centa). Willis Bond serves four primary customer segments: institutional and high-net-worth investors in its managed funds, government agencies (Wellington City Council, Tauranga City Council, KiwiRail, MBIE, Kāinga Ora, Eke Panuku), corporate tenants (Bell Gully, Xero, Trade Me, Kmart, Briscoes), and residential buyers. The firm holds a license under the Real Estate Agents Act 2008.

The firm's investment arm consists of four development funds (Capital Partners I-IV) and the Property Income Fund, collectively deploying over NZ$780 million in capital. Capital Partners I-IV have raised NZ$533M+ since 2009, while the Property Income Fund (established 2020) has raised NZ$250M with capacity up to NZ$500M, holding NZ$330M+ in assets after the NZ$161M Manukau Supa Centa acquisition. Willis Bond has pioneered mass timber construction in New Zealand — 90 Devonport Road is the country's largest mass timber office building, using locally sourced LVL, CLT, and Glulam to achieve a 60%+ carbon reduction versus conventional structures. It has also introduced base isolation to residential construction via Victoria Lane Apartments, New Zealand's first base-isolated apartment building. The firm partners with structural engineers Dunning Thornton, architects Athfield, Warren and Mahoney, Studio Pacific, and Architectus, and with construction firm LT McGuinness.

Revenue is generated through three streams: development project sales (transactional), investment fund management fees and performance fees (recurring), and commercial property leasing (recurring). Distribution is direct: project sales through display suites and project websites, commercial leasing via dedicated contacts, and investment offerings to qualified HNW and institutional investors. The firm is privately held and founder-controlled, with Mark McGuinness as Managing Director, David McGuinness as Director (Development), and Wayne Silver as Director and CFO. Geographic operations center on Auckland, Wellington, and Tauranga, with recent expansion into Christchurch via Capital Partners IV acquisitions (EntX, Tait Communications campus).

Name

Willis Bond

Legal name

Willis Bond and Company Limited

Website

https://willisbond.co.nz

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Willis Bond is a New Zealand property development and investment company founded in 1988 that develops commercial, residential, and civic real estate and manages five investment funds with over NZ$780 million in capital for government, institutional, and corporate clients.

Ownership category

akta.pro rank

Headquarters

HQ city

Wellington

HQ country

New Zealand

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Development Project Sales: Willis Bond generates revenue through developing mixed-use and commercial properties for sale to buyers, including residential apartments and commercial office spaces.
2. Investment Fund Management: Willis Bond manages multiple investment funds including Capital Partners I-IV and Property Income Fund, earning management fees and performance fees from investors. The funds have collectively raised over $533 million in development capital and $250 million in the Property Income Fund.
3. Commercial Property Leasing: Commercial properties are leased to tenants generating recurring rental income. Examples include office space at Blue Mountains Campus leased to KiwiRail, MBIE, and private companies.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Willis Bond develops and invests in high-quality mixed-use property projects across New Zealand, including commercial offices, residential apartments, civic buildings, and campus developments. The company also manages a series of investment funds (Capital Partners I-IV and Property Income Fund) that deploy capital into property development and income-generating real estate assets. It sells and leases properties directly to commercial tenants, government agencies, residential buyers, and investment partners.

Product overview

Willis Bond is a New Zealand property development and investment company established in 1988. The company operates a dual business model comprising property development services and investment fund management. Development Services encompasses the creation of high-quality mixed-use developments including commercial office buildings (90 Devonport Road, PwC Centre, Bell Gully Building), residential apartments (Catalina Bay Apartments, Victoria Lane Apartments, 30 Madden), civic buildings (Tākina Convention Centre), and campus developments (Blue Mountains Campus). The investment arm manages four development funds (Capital Partners I through IV) and the Property Income Fund, collectively managing over $780 million in capital deployed across 27+ development projects with end values exceeding $2.5 billion.

Differentiator

Problem solved

Functional benefit

Brands

• Willis Bond Capital Partners: Series of development funds (I, II, III, IV) managed by Willis Bond for property development investments
• Property Income Fund

Products and services

• Property Development Services Willis Bond develops high-quality mixed-use property projects across New Zealand, including commercial, residential, civic, and hospitality developments. Projects range from landmark office buildings like 90 Devonport Road to large-format retail centres and residential apartment complexes.
• Real Estate Agency Services Willis Bond and Company Limited is licensed under the Real Estate Agents Act 2008, providing licensed real estate agency services across sales, leasing, and property transactions in New Zealand.
• Willis Bond Capital Partners Fund I Development fund formed in 2009 with $128.2m capital raised, fully invested, with $819m total end value of projects.
• Willis Bond Capital Partners Fund II Development fund formed in 2014 with $100m capital raised, with $695m total end value of projects.
• Willis Bond Capital Partners Fund III Development fund formed in 2017 with $132.8m capital committed.
• Willis Bond Capital Partners Fund IV Development fund formed in December 2021 that raised $172.9 million from 41 private investors, seeking $400 million in property acquisitions.
• Property Income Fund Investment fund established in 2020 to invest in long-term yielding assets, with $250m capital raised and $330m in assets under management, capacity to deploy up to $500m.

Quantifiable outcome

• Delivered 27 developments across New Zealand with end value exceeding $2.5 billion
• +4 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Wellington City CouncilcoreStrategic or Co-development PartnerLong-standing partnership for various Wellington waterfront and civic developments including Tākina Convention Centre, Bell Gully Building, and The Exchange. Currently working on projects with Wellington City Council.
• Tauranga City CouncilcoreStrategic or Co-development PartnerPartner for $300 million civic precinct project including 90 Devonport Road and Te Manawataki O Te Papa civic regeneration. 12-year agreement to deliver Tauranga's civic regeneration.
• KiwiRailcoreStrategic or Co-development PartnerAnchor tenant at Blue Mountains Campus with 2,700 sqm including National Train Control Centre. KiwiRail oversees 90% of New Zealand's rail network from the campus.
• Ministry of Business, Innovation and Employment (MBIE)coreStrategic or Co-development PartnerAnchor tenant at Blue Mountains Campus with 1,300 sqm of office space. Campus recognized as Government's first official regional hub.
• Kāinga OraminorStrategic or Co-development PartnerPartner for urban development projects including Catalina Bay precinct transformation.
• Eke Panuku Development AucklandcoreStrategic or Co-development PartnerLong-term partnership to revitalize Auckland's Wynyard Quarter area through Panuku Waterfront Development.
• LT McGuinnesscoreImplementation/ SI/ Consulting PartnerTrusted construction partner for many Willis Bond projects including 90 Devonport Road, Victoria Lane Apartments, Tākina, and Blue Mountains Campus.
• Warren and MahoneycoreImplementation/ SI/ Consulting PartnerArchitectural partner for 90 Devonport Road mass timber building in Tauranga.
• Athfield ArchitectscoreImplementation/ SI/ Consulting PartnerDesign partner for Victoria Lane Apartments, PwC Centre, and other major developments. Known for innovative architectural solutions.
• Studio Pacific ArchitecturecoreImplementation/ SI/ Consulting PartnerArchitect for Tākina Wellington Convention Centre and master planner for Blue Mountains Campus.
• Dunning Thornton ConsultantscoreImplementation/ SI/ Consulting PartnerStructural engineers for 90 Devonport Road, Victoria Lane Apartments, Tākina, and Bell Gully Building.
• BecacoreImplementation/ SI/ Consulting PartnerServices engineers for 90 Devonport Road, Victoria Lane Apartments, and Tākina Convention Centre.
• ArchitectuscoreImplementation/ SI/ Consulting PartnerDesign partner for Catalina Bay Apartments and Wynyard Central residential developments.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Mirvac: Australian diversified property developer and investment manager with sustainability credentials comparable to Willis Bond's. Overlap in mixed-use development and fund management, though at much greater scale and Australia-centric.
• Lendlease: Global property developer and investment manager with NZ projects. Comparable as a large-scale mixed-use developer, though operates at materially greater scale and geographic breadth than Willis Bond.

Direct peers

• Stride Property Group: NZ-listed diversified property investor with office, retail, and industrial holdings. Comparable as a NZ-focused property investment and development company with recurring fund-like structures.
• Bayleys Real Estate: NZ's largest full-service real estate agency with adjacent development and investment sales activity. Comparable for NZ property agency licensing and mixed-use development participation.
• Argosy Property: NZ-listed commercial property investor with a focus on Auckland and Wellington office and industrial assets. Comparable as a NZ-focused property investment vehicle targeting institutional capital.
• Precinct Properties: NZ-listed commercial property investor and developer focused on Auckland and Wellington premium office buildings. Comparable as a NZ-centric developer/investor with institutional capital partners and similar government-adjacent tenant relationships.
• Investore Property: NZ-listed large-format retail property investor. Comparable for the Manukau Supa Centa-style large-format retail investment strategy pursued through Willis Bond's Property Income Fund.
• Vital Healthcare Property Trust: NZ-listed healthcare property investor and developer. Comparable as a specialized NZ property investment vehicle with development pipeline and institutional capital partners.
• Goodman Property Trust: NZ-listed industrial and business park property investor and developer. Comparable in NZ property investment management with industrial/logistics exposure similar to parts of Willis Bond's portfolio.
• Kiwi Property Group: NZ-listed property company owning and developing large-format retail and mixed-use assets. Comparable business model combining development, investment management, and tenant relationships across NZ's main centers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Willis Bond