A retail offering in Queenstown’s popular Five Mile shopping centre that is underpinned by a collection of blue-chip tenants is being offered to the market for sale and will catch the attention of prospective purchasers looking for premium assets.
Located at 28-30 Grant Road, only two minutes north of Queenstown Airport, Buildings 2 and 3 are available for purchase in one line.
The freehold property occupies the central island position within Five Mile shopping centre and sits on 8,645sq m of land. There is approximately 9,577sq m of net lettable area and it is occupied by 13 separate tenancies.
Anchor tenants include a Woolworths supermarket alongside Briscoes and Rebel Sport who occupy over 77 per cent of the total net lettable area and contribute approximately 72 per cent of the gross income. The property offers a proportionate share of car parks within the centre.
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The estimated net passing income from the property as of June 2025 was $2.718 million per annum. The weighted average lease term is 7.09 years.
Sitting in the rapidly growing Frankton area, the property benefits from its proximity to a substantial residential catchment made up of suburbs that are within a 15-minute drive. It is located approximately 7km east of Queenstown’s CBD.
Colliers Brokers Mark Simpson, Blair Peterken, Peter Herdson, and Rory O’Donnell have been exclusively appointed to market the property for sale and are taking international expressions of interest with the deadline for offers closing at 4pm on Thursday 7 August, unless sold prior.
Originally constructed in 2015, the development features modern finishing that was completed to a premium standard making this a standout retail asset.
Building 2 houses the Woolworths and ancillary retail that includes a pharmacy, hairdresser, childcare centre above a design studio, and a laundromat plus multiple food and beverage occupiers.
Building 3 is anchored by the Rebel Sport and Briscoes.
Simpson, Director at Colliers Queenstown, says this is a high-quality commercial opportunity that offers buyers the chance to secure a property that has a diversified income stream backed by very solid anchors for the wider centre.
“This retail asset is home to some of New Zealand’s most well-known brands that shoppers resonate with. Having premium anchor tenants that are signed to long-term leases means it comes with a strong tenant covenant,” Simpson says.
“The lease agreements include a mix of fixed annual increases and market rent reviews, providing future growth for the new owner.”
Peterken, Director of Capital Markets at Colliers, says the property enjoys excellent accessibility from State Highway 6 and Grant Road and overall foot traffic is enhanced through the wide array of shops on offer.
“There is ample car parking at the property providing convenience for shoppers and visitors and the broader centre serves as a popular destination for people from Queenstown, Arrowtown, and W?naka as well as the wider Otago and Southland regions,” Peterken says.
“Given its strategic location, international and national tourists to Queenstown are also only moments from the centre when they arrive at the airport.”
Herdson, National Director of Capital Markets at Colliers, says the growth of the wider Queenstown-Lakes District has fuelled demand for more commercial services.
“Data from Infometrics notes the area’s population growth percentage has outpaced the national figure every year for the past two decades and jumped a massive 8 per cent in 2023 alone,” Herdson says.
“This precinct has all been developed within the past 10 years and has taken shape alongside the broader expansion of the Frankton Flats area that comprises a mixture of commercial, retail, hospitality, industry, and high-density residential buildings. Further development is also planned for the area, indicating demand will only strengthen for the subject property.”
O’Donnell, Commercial Broker at Colliers Queenstown, says when examining all of the relevant factors this is one of the most impressive retail offerings that will be presented to the open market this year.
“The Queenstown market continues to perform strongly for commercial assets and draws interest from local and international buyers,” O’Donnell says.
“Properties of this calibre with such an enticing mix of scale and top-tier tenants seldom become available for purchase.”
- Supplied by Colliers
