Five Mile Retail Centres has lodged a development plan with the Queenstown Lakes District Council to expand, with two buildings to be added for retail and office space.
Catering to the growth of regional retail, the new Murchison Tower features a six-storey building covering 7800sqm, along with an attached three-storey car park built above the Woolworths supermarket parking area.
The Five Mile rejuvenation, starting in the second quarter next year, including the ground floor occupying retail sectors and five floors of A-grade office, is poised to be completed by the end of 2027.
“It’s important that the Queenstown CBD retains its vibrancy for the local community and visitors, while Frankton grows as a strong location for commerce,” said Craig Greenwood, director of Queenstown Gateway Five Mile.
The expansion in the region value is expected to be worth $80 million, while Greenwood said the centre is seen as “the place to do business” due to a strong demand for office and retail space.
“The rate of change in growth in the Queenstown and Southern Lakes district is linear each year. This district has experienced extraordinary levels of population and business growth.”
Mark Simpson, Colliers Queenstown commercial director, said thanks to Queenstown CBD, vibrant with the local community and visitors, which anchors the existing growth in the Frankton area, signalling long-term confidence in development.
“We already expect strong levels of interest for what will be the best office address in Queenstown while remaining complementary to the existing downtown Queenstown CBD,” said Simpson.
