Telstra faces claims the company's top property manager is in business with a real estate agent who has received lucrative contracts to sell off millions of dollars worth of the telco's assets.

Vito Chiodo, head of Telstra's property division in Australia and New Zealand, owns a series of commercial properties in partnership with Fred Nucara, director of Melbourne-based agency Beller TBM Commercial.

Telstra property chief Vito Chiodo. Credit:Rob Homer

They jointly control nearly $2 million worth of retail and office assets in the Melbourne outer northern suburb of Whittlesea, which the partners have been buying, developing and leasing for more than eight years.

Land title records show Mr Chiodo and Mr Nucara, who owns the company Gardaland Pty Ltd, began purchasing the properties in 2005.