- For Sale
The offered portfolio comprises three market-leading retail properties; the Dress Smart outlet centres in Auckland and Christchurch and Dunedin’s premier Meridian Mall. This is a unique opportunity to completely dominate the outlet market in New Zealand whilst investing in the best shopping centre in the lower half of the South Island.
Dress Smart Onehunga, Auckland opened in 1995 and is located at 151 Arthur Street, Onehunga, Auckland. It has a gross lettable area of 13,333sqm on an 18,858sqm freehold site with 735 car parks and Business Town Centre zoning. Dress Smart Onehunga is in a futureproof location thanks to continuing high-level plans for the transformation of Onehunga by Auckland Council.
Dress Smart Hornby, Christchurch is part of a broader, complementary shopping destination that includes The Hub Hornby, a Countdown supermarket and a range of large format retail stores. The centre opened in 1998 and is located at 409 Main South Road, Hornby, Christchurch. It has a gross lettable area of 7,117sqm on a 12,195sqm site with 347 car parks and Commercial Core zoning. Hornby is a major residential and retail suburb at the western edge of Christchurch, only 7km from the CBD and 11km from the airport.
The Meridian Mall in Dunedin is an iconic building and shopping centre sitting on nearly 1ha of prime CBD land. Meridian Mall is located at 285 George Street, Dunedin. It has a gross lettable area of 16,013sqm on a 9,389sqm site with 650 car parks. Opened in 1997 the centre is the dominant retail centre for a growing primary catchment of 126,000 people, according to a recent IQ report.
We expect the stabilised returns offered by this portfolio, coupled with the potential for increased returns via both organic growth and the opportunity for additional development will appeal to a broad range of investor types.