Information Memorandum
Five Mile Shopping Centre
Building 2 & 3
28-30 Grant Road, Frankton, Queenstown
Introduction
“Five Mile is Queenstown’s premier retail destination, situated in one of the world’s most beautiful locations with a stunning backdrop to the renowned Remarkables mountain range”
Colliers is delighted to present Buildings 2 & 3 of the Five Mile shopping precinct For Sale via International Expressions of Interest. This is an outstanding opportunity to acquire in a popular, well-established, commercial precinct located two minutes north of Queenstown International Airport.
Constructed in 2015, the property occupies the central island position within Five Mile shopping centre situated on 8,645m2 of land and offers over 9,577m2 of net lettable area occupied by 13 separate tenancies. The property is anchored by Woolworths (General Distributors Limited) & Briscoes & Rebel Sport (Briscoes New Zealand Limited) who occupy over 77% of the total lettable area and contribute approximately 72% of the gross income. The property offers a proportionate share of carparks within the centre.
Included in the wider precinct are The Warehouse, Noel Leeming, North Beach, Flex Fitness and ASB Bank (under separate ownership that do not form part of the property being offered for sale).
Prominently located in Queenstown’s highest growth area of Frankton, Buildings 2 & 3 Five Mile offer multiple retail tenants to provide a diversified income stream from tenants which are well matched to the catchment area.
The property is offered For Sale by International Expressions of Interest with a deadline for offers at closing 4pm Thursday 7th August 2025 (unless sold prior).
Blair Peterken
Mob: +64 21 421 426 blair.peterken@colliers.com
Mark Simpson
Mob: +64 27 490 6394
mark.simpson@colliers.com
Peter Herdson
Mob: +64 21 654 323 peter.herdson@colliers.com
Colliers New Zealand Limited
HSBC Tower, Level 23
188 Quay Street Auckland, New Zealand REAA Licensed 2008
Rory O’Donnell
Mob: +64 27 445 3982 rory.odonnell@colliers.com
Executive Summary
ADDRESS: 28-30 Grant Road, Frankton, Queenstown
TENURE: Freehold
LEGAL DESCRIPTION (21/100) SHARE:
(11/100) SHARE:
Lot 2 Deposited Plan 486920, Lot 8-9, 14 Deposited Plan 486920
Lot 3 Deposited Plan 486920, Lot 8-9, 14 Deposited Plan 486920
PROPERTY DESCRIPTION: Regional Shopping/ Retail Centre
SITE AREA: 8,645m2 (floating title) + proportionate share of the carparks
SEISMIC RATING:
100% outlined in letter from Holmes Consulting Group dated 27th April 2016
NET PASSING INCOME: $2,718,726 per annum (estimated, excluding management fees) as at 12 June 2025
ZONING: Frankton Flats Zone
WALT: 7.09 years as of 12 June 2025
BUILDING AGE: Constructed 2015
ANCHOR TENANTS: Woolworths, Briscoes / Rebel Sport
Woolworths Rebel Sport Briscoes
Boundary lines are indicative only
Key Investments Highlights
ANCHOR TENANTS:
DIVERSIFIED TENANT MIX:
INTEGRATED RETAIL COMPLEX:
The site is anchored by Woolworths and the Briscoes Group, together contributing over 72% of the total gross income.
Comprising 13 tenancies, including a childcare centre, pharmacy, hair salon, laundromat, and various other food and service-based retailers.
Located within the wider Five Mile Retail Complex, benefitting from complementary tenancies that enhance overall foot traffic and performance.
STRATEGIC LOCATION:
Positioned in the heart of the rapidly growing Frankton district, with convenient access to Queenstown Airport and key arterial routes.
STRONG INCOME PROFILE: Estimated net passing income as at 12 June 2025 is $2.718 million.
HIGH-QUALITY IMPROVEMENTS: Completed in 2015, the development features modern construction built to a premium standard
SUBSTANTIAL RETAIL CATCHMENT:
Including existing residential suburbs of Frankton, Kelvin Heights, Quail Rise, Jacks Point, Lake Hayes Estate, Hanley Farm, Arrowtown, Shotover Country and the suburbs of Queenstown all with 5-15 minutes’ drive.
Property Overview
Buildings 2 and 3 were constructed in 2015 and accommodate the key anchors of Woolworths and Briscoes, both developed in line with standard format requirements for their respective uses. Loading facilities are positioned along the south-western boundary. The childcare centre with outdoor play area is located on the first floor level with access off the eastern boundary. The remaining speciality retail tenancies offer regular-shaped units in a range of sizes, primarily catering to convenience and service-based operators.
The overall layout of the centre follows an inward-facing design with centralised at-grade car parking. In addition, the property includes basement carparking with escalator access from the retail store above.
Buildings 2 and 3 include basement car parking, resulting in the subject being constructed on a floating platform.
Five Mile comprises an established mix of retail and office occupiers anchored by a large format Woolworths Supermarket and Rebel Sport/Briscoes with a pharmacy, childcare and various specialty retail and hospitality tenants as part of what’s being offered for sale. In addition the wider commercial centre includes the Sudima Hotel, ANZ, BNZ and ASB Banks, Noel Leeming, The Warehouse, Warehouse Stationery, North Beach, Kathmandu and a number of other fashion and speciality retail stores under separate ownership. Large format Kmart is also conveniently located nearby.
Tenant Overview
Briscoes/Rebel Sport
Briscoes and Rebel Sport, both owned by Briscoe Group Limited, operate a significant portfolio of large-format retail properties across New Zealand. These stores are typically located in high-traffic commercial zones and are either owned by the group or leased through long-term agreements. The company has been steadily investing in modernising its retail footprint, including the development of flagship stores and the enhancement of its omnichannel capabilities.
In Auckland, for example, Briscoes and Rebel Sport often co-anchor retail complexes, such as the one on Carr Road in Mt Roskill. These locations are strategically chosen for visibility and accessibility, often forming part of larger retail hubs. The group also operates a centralised distribution centre and a corporate support office in Auckland, which supports its nationwide logistics and operations.
Woolworths
Woolworths New Zealand, a major player in the country’s supermarket sector, operates a substantial property portfolio that includes over 180 supermarkets nationwide. These properties are a mix of owned and leased sites, often located in high-traffic urban and regional centres.
In 2025, Woolworths has been actively managing its property assets through both acquisitions and divestments. For example, the Woolworths supermarket in Mount Roskill, Auckland, was sold by Investore Property Limited for NZD $25 million. Despite the sale, the property remains fully tenanted by Woolworths, reflecting the company’s strategy of leasing back key sites to maintain operational continuity while freeing up capital.
Some of their properties are managed through partnerships with commercial landlords like Investore Property, which owns several sites where Briscoes and Rebel Sport are anchor tenants. This approach allows Briscoe Group to maintain a strong retail presence while managing capital expenditure efficiently.
Boundary lines are indicative only
Bunnings Placemakers
Kmart
Queenstown Airport
The Warehouse
Woolworths
Briscoes
Rebel Sport
Noel Leeming
Lighting Plus
Warehouse Stationary Bed, Bath & Beyond
Location
The Five Mile retail centre is located on the Corner of Grant Road and State Highway 6 Frankton, the main arterial into Queenstown from the East also running South to Invercargill. There is extensive car parking with good accessibility off the State Highway and Grant Road.
The centre is approximately 7 kilometres east of Queenstown’s CBD and within 1km of the Queenstown International Airport. Dunedin is approximately 280 kms south-east of Queenstown and Invercargill, some 190 kms to the south.
Surrounding development in the Frankton Flats comprise a mix of commercial, retail, hospitality, industrial and high density residential with further commercial and residential development planned in the immediate area.
The central regional location provides not just Queenstown, Arrowtown and Wanaka residents and visitors, but also the wider Otago and Southland region a high quality full service shopping precinct all developed within the last 10 years.
The Queenstown Lakes district resident population figure currently stands at 54,440 with a peak day population at 122,490. This is expected to grow to 69,405 by 2035, with a peak population at 156,161.
Five Mile
Shopping Centre
Queenstown International Airport
Queenstown Central
Queenstown CBD PAK nSAVE
Kmart Frankton
Remarkables Park Town Centre
Queenstown CBD
Five Mile Shopping Centre
Frankton
Queenstown Airport
Jacks Point
Remarkables Ski Field
Gibbston Valley
Lake Hayes Arrowtown
Millbrook
Kmart
The Warehouse Queenstown Airport
Queenstown Commercial Market
FRANKTON COMMERCIAL MARKET
Frankton remains the preferred office and retail precinct for large format and chain retail stores, with high occupancy levels and a relatively stable market well supported by locals and regional visitors. Queenstown’s suburban expansion and the growth of Cromwell and Kingston have contributed to the appeal of the Frankton commercial centre, with its location and relative ease of access and parking key attractions for occupiers, staff and customers. Frankton’s newer buildings and lower total occupancy costs for tenants than the town centre are also contributing to the strong demand for office and retail space.
TRENDS & PROJECTIONS
• Good demand for Frankton office space, with low vacancy rates putting upwards pressure on rents.
• Likely new office development occurring.
• Yields have stabilised post Covid.
• Continued lack of vacant industrial land supply, despite large areas of undeveloped land held by a small number of owners that aren’t releasing it for development.
• Retail and hospitality tenant mix catering to locals who increasingly prefer Frankton over the town centre due to access, parking and convenience.
QUEENSTOWN CBD COMMERCIAL MARKET
Demand for town centre retail space remains strong. Recent vacancies have seen take up from new tenants with the international and chain retail stores still showing interest, particularly from the premium fashion and concept store retail brands. Accordingly, some new entrants to Queenstown have paid higher rents than previous tenants, particularly in the recently upgraded Beach Street corridor accessing the lakefront.
Investor appetite for prime CBD assets is high, with no investment sales so far in 2025 in the CBD and none in the +$10m bracket since 2022.
Town centre properties have historically changed hands at very low yields (<4.5%), sharper than in most other main centres and reflecting the premium placed on central Queenstown property and the growth it has consistently experienced over time.
In contrast, the CBD office market has softened since 2021, with increased vacancy emerging as a number of the larger occupiers have moved or transitioned to Frankton to newer buildings which now has a mature retail and hospitality market to support occupiers. This together with traffic and accessibility issues to/from the town centre has made Frankton an attractive alternative.
ARROWTOWN
As more and more international retailers open in Queenstown, the ripple effect is now reaching Arrowtown’s commercial core. The recent completion of two substantial developments on Arrow Lane has extended the boundaries of Arrowtown’s commercial and hospitality precinct, signalling a new era for the historic township with more hospitality and independent retail focus.
Rents in Arrowtown have continued to show a steady increase over the last 12-24 months. This is due to a number of new leasings on Buckingham Street, the main shopping precinct, as well as some new development on Arrow Lane.
TRENDS & PROJECTIONS
• Prime CBD retail assets remain in high demand with no recent sales to benchmark any movement in yields.
• Despite a softening office market, the CBD still remains a strong part of the retail, hospitality and tourism sector for the region with hotel occupancy and room rates continuing to strengthen.
• Prime and secondary retail location rents remaining divided until consumer spending recovers.
• Office space dynamics hinged on large occupier demand in the town centre – elevated vacancies could persist with softer rental in Queenstown CBD compared to Frankton/Arrowtown, which may begin to support a change in use for that vacant space.
FRANKTON COMMERCIAL MARKET INDICATORS
(a) Height Limited Lot 8, 14 Deposited Plan 554935 and Lot 9 Deposited Plan 486920
967683 (a) Lot 3 Deposited Plan 486920`
Site & Legal Description
The overall Five Mile development site, including the Grant Road parcels, covers over 8 hectares. Within this, the shopping centre occupies approximately 6 hectares and features a frontage of 214 metres to the Frankton–Ladies Mile Highway.
(b) Height-Limited Lot 8, 14 Deposited Plan 554935 and Lot 9 Deposited Plan 486920
Plan 1 below shows:
Plan 1 below shows:
(b) Fee Simple –21/100 Share
(a) Fee Simple
(b) Fee Simple –11/100 Share 2,965m2 more or less (Lot 3)
• Lots 2 and 3 Deposited Plan 486920 shown highlighted yellow – comprising the ground level buildings; and
2. Aerial photograph
• Lots 2 and 3 Deposited Plan 486920 shown highlighted yellow – comprising the ground level buildings; and
The subject property consists of two adjoining allotments with a combined area of 8,645 square metres. Together, these form a rectangular site with a level building platform, supported by a floating title structure.
• Lot 8 Deposited Plan 554935 shown highlighted green – comprising the ground level accessways and car parking areas;
• Lot 8 Deposited Plan 554935 shown highlighted green – comprising the ground level accessways and car parking areas;
• Lot 14 Deposited Plan 554935 shown highlighted pink – comprising both ground level and below ground level accessways and car parking areas.
• Lot 14 Deposited Plan 554935 shown highlighted pink – comprising both ground level and below ground level accessways and car parking areas
Plan 1
Located at the rear of the Five Mile development, the subject site is fully developed, with improvements occupying the entire area. These improvements are situated on Lots 2 and 3 of Deposited Plan 486920 and include a proportionate share of the carparking and circulation areas located on Lots 8, 9, and 14 of the same plan. The property is held under a floating freehold title, comprising a land area of 8,645 square metres. A basement carpark, located beneath, is situated within Lot 9.
967682 (a) Lot 2 Deposited Plan 486920 (a) Fee Simple 5,680m² more or less (Lot 2)
(a) Height Limited Lot 8, 14 Deposited Plan 554935 and Lot 9 Deposited Plan 486920
(b) Fee Simple –21/100 Share
967683 (a) Lot 3 Deposited Plan 486920 (a) Fee Simple 2,965m² more or less (Lot 3)
(b) Height-Limited Lot 8, 14 Deposited Plan 554935 and Lot 9 Deposited Plan 486920
(b) Fee Simple –11/100 Share
Plan 1
buildings contained with Lots 2 and 3 Deposited Plan 486920. Plan 3.
3 below (which comprise two individual plans) shows Lot 9 Deposited Plan 486920 outlined in green. This comprises the below ground accessways and car parking area located beneath the ground-level buildings contained with Lots 2 and 3 Deposited Plan 486920.
3 below (which comprise two individual plans) shows Lot 9 Deposited Plan 486920 outlined in green. This comprises the below ground accessways and car parking area located beneath the ground-level buildings contained with Lots 2 and 3 Deposited Plan 486920. Plan 3.
Zoning
FRANKTON FLATS ZONE OVERVIEW
Local Authority: Queenstown Lakes District Council
Planning Instrument: Queenstown Lakes District Council – Operative District Plan
Operative Date: August 2009
Zoning: Frankton Flats Zone
OBJECTIVES
The purpose of the Frankton Flats Zone is to enable the development of a new shopping centre that includes:
• Retail
• Office
• Educational
• Visitor and residential accommodation
• Leisure activities
This development is intended to occur within a high-amenity urban environment, while maintaining and enhancing the natural values of the surrounding landscape—particularly as viewed from State Highway 6 when entering the Frankton and Queenstown urban area.
The zone encourages built form design that respects the surrounding outstanding natural landscape and views. It also aims to provide maximum flexibility within the constraints necessary to uphold appropriate environmental standards.
DEVELOPMENT CONTROLS
Building Coverage
Maximum building coverage must not exceed 30% of the zone area.
Building Setbacks
• Internal boundary: Minimum setback of 10 metres
• State Highway 6: Minimum setback of 50 metres
• Grant Road: Minimum setback of 4 metres
Height
• Maximum building height is 9 metres
• Up to 5% of the site area may include buildings up to 12 metres, provided these are located more than 100 metres from State Highway 6.
The Frankton Flats Special Zone is governed by the Operative District Plan. This Zone has not been subjects to Stages 1 to 3 of the District Plan Review via the Proposed District Plan. It is understood that the Council has started the process of reviewing the various special zones that are still governed by the Operative District Plan (including the Frankton Flats Special Zone) as part of Stage 4 of the District Plan Review. The review by the Council will look at the appropriateness of the current provisions of the Frankton Flats Special Zone. The Council has not provided a timeframe as to when Stage 4 of the District Plan Review will be open for public submissions via the Resource Management Act 1991.
Sale Process
Sale Process
The property is offered For Sale by International Expressions of Interest with a deadline for offers at closing 4pm Thursday 7th August 2025 (unless sold prior).
Due diligence & Data Room Access
Due diligence material is available for download from a secure electronic data room managed by Colliers New Zealand. Information updates may be posted to the data room from time to time so please ensure you refer to the Colliers data room for the most up to date property information.
Blair Peterken
Mob: +64 21 421 426 blair.peterken@colliers.com
Peter Herdson
Mob: +64 21 654 323 peter.herdson@colliers.com
Mark Simpson
Mob: +64 27 490 6394 mark.simpson@colliers.com
All enquiries, requests for information and arrangements to undertake inspections are to be directed to the sole agents, Colliers New Zealand Limited. All enquiries, requests for information and arrangements to undertake inspections are to be directed to the sole agents, Colliers New Zealand Limited:
Rory O’Donnell
Mob: +64 27 445 3982 rory.odonnell@colliers.com
www.colliers.co.nz/p-NZL67035021
Colliers New Zealand Limited
HSBC Tower, Level 23
188 Quay Street
Auckland, New Zealand
