Queenstown’s suburban Five Mile retail and commercial business hub is nearing capacity – with only some 5000 square metres of retail space remaining for lease.
The first stores in the Five Mile Centre opened their doors in October 2015. Stage two is now under construction – adding an additional 8000 square metres to the existing hub.
The stage two phase will be anchored by popular New Zealand retailers The Warehouse and Noel Leeming, which have each signed up for leases of 5000 and 1040 square metres respectively.
They will be joined by nationally-branded one-stop party needs retailer Look Sharp Store, which has committed to 715 square metres for its first South Island branch.
The three new retailers will complement the existing occupancy mix - encompassing Countdown, Briscoes, Rebel Sports, Warehouse Stationery, No One Shoes, Lighting Plus, Bed Bath & Beyond Home store, ANZ Bank, Bordertown, AMI, Hello World Travel, Mama’s childcare, Hardy’s Health, Tank and Hikari Sushi.
Bayleys Real Estate salesperson, Ash Hira, who is managing the retail leasing component of Five Mile, said particular attention had been given to sourcing a balanced tenancy mix.
“Our intention is to provide the local community with quality operators – many of whom are entering the Queenstown market for the first time. We are excited to bring such popular brands together in one place,” he said.
Construction on this latest component within Five Mile began in May. The greater Five Mile Centre will total 27,000 square metres of commercial and retail upon completion –predominately made up of retail space but also offering modern office options and commercially-operated visitor accommodation.
“Now that stage two is underway, and with the bigger ‘anchor’ tenancies confirmed, attention has turned to the balance of the buildings planned for the centre,” Mr Hira said.
Mr Hira said Bayleys was already well advanced in discussions with a number of specialty stores looking to move to Five Mile.
“Opportunities are limited in the tightly-held Queenstown CBD, which has resulted in rising rents. By comparison, Five Mile offers space, a new design format, comparative affordability, convenience and ease of parking – all of which appeal to retailers,” he said.
Five Mile – named after its distance from Queenstown CBD – is the first in a number of new developments along State Highway 2 in the Frankton area. The retail and commercial components of the location have been complemented by a new Pak’nSave supermarket (currently under construction) and Mitre 10 Mega.
For further information on the leasing and development of Five Mile, contact Ash Hira. Phone 021 985 853