With retail spaces in the CBD limited and tightly held, all eyes are turning to the new Five Mile retail and commercial hub.
The development, which is just 8km from the CBD and has 5,000 square metres remaining for lease, offers an abundance of attractive features, particularly to those looking to enter the South Island market for the first time: space, innovative design, affordability, convenience and ease of parking. The greater Five Mile Centre will total 27,000 square metres upon completion and expand to offer modern office options and commercially operated visitor accommodation.
Already on site are Countdown, Briscoes, Rebel Sport, Warehouse Stationery, Lighting Plus, Bed Bath & Beyond, Hardy’s Health Stores and Number One Shoes. The Warehouse and Noel Leeming are soon to join them, and there is room for well-rounded specialty stores. Retailers at the park are trading in a 28,000-resident catchment area and there is little in the way of competition, with Queenstown previously missing out on big brands.
It seems New Zealand is taking notice of the growing popularity overseas of open-air shopping centres, which offer retailers opportunities to reach a wider consumer base through the inclusion of commercial spaces and accommodation. This should be good news to the Queenstown Lakes district council as the development will ease traffic pressure and make future planning for public transport more streamlined.
With tourism in New Zealand booming and the fact that Queenstown Airport is close by, Five Mile will serve residents in more ways than one. Bringing large-scale retailers together in one place allows for a more convenient retail experience and brings greater job opportunities for residents and visitors. And an increase in the number of retailers will mean healthy competition and more attractive prices.
While the process from planning to execution was reportedly long and arduous, the design standards enforced by the Queenstown Lakes district council have paid off, as the hub’s aesthetic blends seamlessly into the natural landscape. It is no wonder that the final stage of leasing retail and commercial spaces is nearing capacity, with Bayleys itself involved in advanced discussions with a number of specialty stores.
This story originally appeared in NZ Retail magazine issue 745 August/September 2016