Managing property assets

Asset management takes a ‘whole of life’ approach, focusing on providing value for money, sustainability, and reusing assets where possible. Property asset management will form part of an agency’s wider asset management and investment planning approach.

This should follow the expectations set out in the New Zealand Infrastructure Commission’s guidance for central government agencies.

Asset Management and Investment Planning — Te Waihanga

In general, government agencies maintain a detailed asset management plan and a physical asset register.

What an asset management plan covers

• Information currently held on your agency’s assets (including any information gaps and how these are being addressed).
• Purpose of assets and levels of service expected by end users e.g. safety, quality, and reliability.
• Financial information on asset values and depreciation rates.
• Asset condition and performance.
• Internal and external future drivers that will impact levels of service or the assets e.g.  obsolescence.
• A 10-year financial forecast (updated annually) on capital and operational funding that informs annual budget requirements and considers:
  • expected future demand and impacts (considering future agency business requirements, like organisational growth or changing levels of remote working)
  • lifecycle activities for acquiring, operating, maintaining, and disposing of assets
  • any planned renewal and upgrade works (including what it will cost and how it will be funded).

What to include in the physical asset register

The register should include all property assets your agency owns and hold details of the assets such as location, make/model, condition, replacement value, and criticality. For government agencies, property assets generally fall into the following categories.

Hard fit-out or leaseholder fixed capital assets

Also known as tenant improvements, leasehold/lessee improvements and lessee fixtures. These include:

• walls including operable walls installed as part of an office fit out
• fixed partitions
• fixed joinery and wall and ceiling mounted equipment
• security system assets.

Soft fit-out assets or furniture, fittings and equipment

These include:

• office furniture like desks, screens, chairs, tables
• audio-visual equipment
• signage.

Excluded assets

Because most agencies lease rather than own buildings, building-infrastructure assets – like ducted air conditioning and lifts – are usually owned and managed by the landlord.

ICT assets aren't generally considered property assets, as they are managed by an agency's ICT team. Check with your ICT team that you don't need to include these items in your asset register.

How GPO can help

The Government Property Portal offers optional modules that help agencies manage, maintain and report on property and equipment assets.

Government Property Portal

GPO can also help broker arrangements between agencies where assets become surplus to requirements e.g. office furniture. Get in touch with us if you would like to discuss further.

Email us

More information

New Zealand Infrastructure Commission. (2025). Asset Management and Investment Planning: Guidance for agencies covered under Cabinet Office circular CO (23) 9. Wellington: New Zealand Infrastructure Commission/Te Waihanga.

Asset Management and Investment Planning — Te Waihanga

The Āpōpō Guide – a New Zealand-focused resource aligned with the GFMAM Asset Management Landscape and ISO 5500x, incorporating te ao Māori principles and local case studies.

Āpōpō – Infrastructure Asset Management Professionals (formerly IPWEA NZ)

Institute of Public Works Engineering Australasia (IPWEA) – widely recognised international guidance for asset management practice.

International Infrastructure Management Manual — IPWEA

AoG contract available for asset management services:

Property consultancy services — New Zealand Government Procurement