Oyster Property Group has acquired Dress Smart Christchurch in a 50/50 joint venture with an entity associated with the William Pears Group.
The South Island’s only dedicated outlet centre attracts about 1.6 million visitors annually and is fully leased to brands including Adidas, Puma, Under Armour, Asics, Calvin Klein and Tommy Hilfiger.
Located in Hornby, about 11km from central Christchurch and 7km from Christchurch Airport, the property generates a net passing income of about $5.15 million annually.
Oyster originally developed the centre in 1998 and has managed and leased it for more than 27 years through several ownership cycles and expansions.
The company intends to hold its 50 per cent stake through a Wholesale PIE structured unit trust, with an investment offer for eligible wholesale investors expected to launch later this month, subject to final approvals.
“Dress Smart Christchurch is an exceptional asset – fully occupied, uniquely positioned as the region’s sole outlet centre and delivering resilient trading performance,” said Mark Schiele, CEO of Oyster Property Group.
“The centre benefits from built-in rental growth, sustained customer demand and the long-term economic momentum of Christchurch and the wider Canterbury region.”
According to Stats NZ Census 2023, the Canterbury Region recorded population growth of 9.5 per cent between 2018 and 2023, while retail spending in Christchurch is forecast to reach $20 billion by 2046.
- Further reading: Two Dress Smarts for sale, set to fetch upwards of $280 million.
