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Executive Summary - The Opportunity Located in the heart of one of New Zealand’s fastest growing population areas as well as exposure to a potential rebound in international tourism, Mackersy Property is excited to present this investment opportunity to purchase a 30% share in the assets of the Five Mile Centre in Queenstown. The Five Mile Centre is an established shopping and commercial centre located in the heart of Queenstown’s Frankton District. The district has experienced significant growth over the past five years driven by the topographical constraints of the Queenstown CBD, strong population and tourism growth. Locals increasingly want to work and shop in Frankton rather than travel into Queenstown. Despite the absence of international tourism, and in contrast to the Queenstown CBD, Five Mile visitor numbers are at an all-time high and rental income is now above pre Covid levels. The mix of retail and office buildings offer a diverse range of tenants and cashflows. Notable tenants include: ANZ, BNZ, ASB, The Warehouse, Noel Leeming, The Sudima Hotel, Kathmandu, Mackersy Property, Craigs Investment Partners and Joes Garage. Additional anchor tenants who contribute to the Centre’s success but who do not form part of this opportunity include: Countdown, Briscoes, Warehouse Stationary and Rebel Sports. Projected gross returns for the first five years is 5.55% on all equity contributed with added upside associated with the further development of the Five Mile Centre. Future Development plans awaiting consent include a multi-screen cinema, additional food and beverage and another four level office building. Additional development sites which form part of the opportunity include 2,791m² of industrial zoned land and 4,030m² of mix use land. This opportunity arises from a long standing relationship that Mackersy Property has with the current owners of the property. Mackersy Property has been involved in the development of the Five Mile Centre from its outset purchasing the first two buildings that were completed, as well as being a tenant in the centre for a long period of time and having first hand knowledge of the development capabilities of the current owners. Mackersy Property are confident that the macro environment will continue to underscore the growth opportunities and the continued success of the centre.
