Green light for Red Shed shift

Two major tenants at Queenstown’s Remarkables Park are off to Five Mile as the battle between Frankton Flats’ two shopping centres gathers pace.

The Warehouse and co-owned Noel Leeming are moving to anchor Five Mile’s second stage, a $40 million development now under way by State Highway 6.

The Red Shed’s shift, predicted by Mountain Scene in January, will mean the discount retailer’s floor space jumps almost 2000 square metres, to 5000sq m.

These two stores should open by Christmas, with The Warehouse to follow in March.The relocated 1040sq m Noel Leeming store will share the other stage two building with party supplier Look Sharp Store, which will occupy 715sq m.

Queenstown Gateway developer Tony Gapes says three of the four stage one buildings were on-sold to investors but his company’s holding on to both stage two buildings.

“Pretty much all the [stage one] tenants are trading beyond their expectations,” he says.

Gapes doesn’t expect problems tenanting the 5000sq m-plus of remaining space across the two stages – “we’ve got more [prospective] tenants than we can accommodate”.

The $40m price-tag for Five Mile’s second stage – which JCY Architects designed and Naylor Love is building – compares to $70m for stage one.

First-stage stores include Countdown, Briscoes and Rebel Sport, which opened late last year.

Compared to the Queenstown CBD, Bayleys Real Estate’s Ash Hira, who’s leasing Five Mile, says it offers space, a new design format, comparative affordability, convenience and ease of parking.

“All of which appeal to retailers.”

Meanwhile, Gapes says a further Five Mile stage, running parallel to Grant Road, will include retail on the ground floor and visitor accommodation above.

Source – The mountain Scene