Lendlease Real Estate Partners has placed two Dress Smart retail properties on the market, expecting to attract more than $280 million for them both.

Dress Smart Onehunga (in Auckland) and Dress Smart Hornby (in Christchurch), pictured above, will be marketed by Colliers and CBRE. 

The Dress Smart Onehunga centre is the largest in the chain and home to 99 tenants including a mix of international brands such as Adidas, Puma, and Tommy Hilfiger. It is located 8km from the Auckland CBD. Dress Smart Hornby has a mix of aspirational fashion brands and sportswear retailers as tenants.

Lachlan MacGillivray, head of retail investment services, Australia, with Colliers, said that New Zealand is becoming a ‘sought after’ market for national and international retailers who are looking to expand their footprint.

“Both centres offer robust performance characteristics and have demonstrated trading resilience during downturns, more so than other retail sub-sectors, due to their discount-based offering.” 

Scott Mosely, MD at Lendlease Investment Management, said Dress Smart has been a well-known brand in New Zealand for the past 24 years and both centres offer a leading mix of international and national brands, along with future growth opportunities.

“With their resilient trading history and an ability to add scale through further development, these Dress Smart assets will be an attractive opportunity for many,” added Richard Kirke, director of capital markets, New Zealand, at Colliers.