Lendlease Real Estate Partners has put two Dress Smart retail properties on the market, forecasted to fetch upwards of $280 million for them both.
Dress Smart Onehunga and Dress Smart Hornby located in Auckland and Christchurch, respectively, will be marketed by Colliers and CBRE.
Dress Smart Onehunga centre, situated 8km from the heart of Auckland city, is the largest in the chain. It houses 99 tenants showcasing a diverse range of brands such as Adidas, Puma, and Tommy Hilfiger. Dress Smart Hornby centre features various aspirational fashion brands and sportswear retailers.
According to Lachlan MacGillivray, head of retail investment services at Colliers, Australia, New Zealand is turning into a coveted market for international and national retailers seeking to expand their presence in the industry.
“Both centres offer robust performance characteristics and have demonstrated trading resilience during downturns, more so than other retail sub-sectors, due to their discount-based offering.”
Scott Mosely, MD at Lendlease Investment Management, explained Dress Smart has potential to continue to grow as over the past 24 years it has become a well-known brand in New Zealand with both centres offering consumers a perfect blend of international and national brands.
Richard Kirke, director of capital markets, at Colliers, New Zealand further commented: “With their resilient trading history and an ability to add scale through further development, these Dress Smart assets will be an attractive opportunity for many.”
