Nationally renowned finance and professional services firms are among the tenants that have leased space in a new flagship office and retail building in Queenstown that will be known as Forsyth Barr Tower.
The $90 million, six-storey development will sit prominently in the Five Mile Centre, Frankton, in the rapidly growing region.
Investment and wealth management business Forsyth Barr, founded in Dunedin in 1936, will lease A-grade space on the top floor, and have secured naming rights for the property that was previously known as Murchison Tower.
Construction is underway and when complete, it will be Queenstown’s largest office building with 7,900sq m of net lettable area. The ground floor will include a lobby cafe, restaurant space, retail, and wellness facilities, with the other five levels of premium office space providing expansive views of the surrounding landscape.
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Occupiers will also benefit from shared meeting space on the ground floor, ideal for hosting meetings and events. The building offers premium end-of-trip facilities and secure bike storage with ebike charging stations, a genuine drawcard given Queenstown's extensive network of bike trails.
With construction underway, approximately 50 per cent of the space has been leased. Joining Forsyth Barr in the building will be AWS Legal, Mackersy Property, Colliers Queenstown, and Private Capital Group, among others.
Forsyth Barr Executive Director Jonty Edgar is looking forward to the move.
“We’re delighted that Murchison Tower will become Forsyth Barr Tower and are proud to be part of this exciting next chapter for Queenstown,” he says.
“Our connection to this community is built on the people and relationships we’ve developed here over many years, and we’re looking forward to continuing those relationships while being part of a landmark development that reflects the growth and ambition of the region.”
Mark Simpson, Director at Colliers Queenstown, says there is continued interest among prospective tenants for the remaining leasing opportunities.
“We have met our pre-leasing goals, which means this project is now underway and this building will set a new standard for quality among office accommodation in the area. Frankton is continuing to build momentum as a commerce hub that is complementary to the strong visitor and tourism appeal of the CBD,” Simpson says.
“The key theme to emerge among the incoming tenants that have committed to the property is they were seeking modern office space where they can futureproof their operations from.
“National and international firms have enquired with us around securing space in Forsyth Barr Tower, and we are working proactively with a diverse range of occupiers that are looking to establish a presence in this thriving location.”
An adjoining three-storey car park building will provide an additional 198 car parks, offering convenience for incoming tenants.
The Five Mile area has developed steadily after the first sod was turned approximately 13 years ago with key retail amenities quickly following as the population in the local area expanded.
The wider Queenstown-Lakes District has seen considerable population growth during the past decade, far outpacing national averages as people continue to move there to make the most of its appealing lifestyle benefits and year-round outdoor activities.
This population growth has gone hand in hand with a buoyant local economy and data from Infometrics notes economic growth in the Queenstown-Lakes District averaged 4.5 per cent per annum over the 10 years to 2026 compared with an average of 2.2 per cent per annum in New Zealand.
Five Mile Director Craig Greenwood says the wider Five Mile precinct has established itself as the premier commercial hub in Queenstown.
“Five Mile is an attractive destination where people work, shop, and access essential services. Big-name brands and well-known international retailers are on the doorstep, offering an appealing destination for workers and shoppers,” Greenwood says.
“The development of Forsyth Barr Tower has been driven by demand for more architecturally designed, A-grade office space in Queenstown and we are incredibly pleased with how it is progressing.”
Forsyth Barr Tower is scheduled for completion by December next year.
- Supplied by Colliers
