Oyster portfolio ∙ retail
Dress smart Onehunga
⎯ ONEHUNGA, AUCKLAND
New Zealand’s largest premier outlet centre, and the only destination in the country to bring Nike, Coach, Calvin Klein and Tommy Hilfiger under one roof. A landmark retail asset ten minutes from the Auckland CBD, actively managed by Oyster.
ASSET SUMMARY
The asset
at a glance
Property type
Retail, outlet centre
Title
Freehold
Location
Onehunga, Auckland
Site area
TBC
Net lettable area
12,867 sqm
Key tenants
Nike · Coach · Calvin Klein · Tommy Hilfiger · Levi’s
Opened
1995
Oyster’s role
Asset management & leasing
Car parks
913 spaces
ASSET SUMMARY
Three decades
as the country’s outlet destination
Dress Smart Onehunga opened in 1995 as a modest strip of clearance stores. Three decades on it is the largest premier outlet shopping destination in New Zealand, home to 93 stores across 12,867 square metres of net lettable area. Its position is a large part of its strength.
Its position is a large part of its strength. Ten kilometres from the Auckland CBD and eleven from the international airport, the centre draws a catchment far wider than a typical sub-regional centre, pulling shoppers from across both islands as well as the wider Auckland metro. That reach, paired with a distinct outlet proposition, gives the asset a resilience conventional retail struggles to match.
THE OPPORTUNITY
An established leader with room to grow
Outlet retail behaves differently to the rest of the sector. Shoppers travel further, visit with intent, and return for brands they cannot find at full-line malls. Dress Smart Onehunga sits at the centre of that dynamic as the category’s established leader in New Zealand.
The opportunity Oyster identified was room to lift the brand mix. A destination already trusted by a national audience could support a materially more premium tenant lineup, lifting both the quality of the experience and the productivity of the floorplate, without changing what makes the centre work.
Creating value
Curating a premium mix
Oyster’s focus has been active leasing and tenant strategy: curating the mix toward international premium brands that draw shoppers and hold them longer.
The most visible result is the arrival of Calvin Klein, Tommy Hilfiger and New Zealand’s first Coach Outlet, alongside an anchor lineup that includes Nike, adidas, Puma, Levi’s, Vans and The North Face. Few outlet centres in the country, and none at this scale, can offer that combination. The effect is a centre that reads as a genuine premium destination.
THE OUTCOME
A national retail asset performing at scale
$155.1m
Centre sales (MAT)
$12,054
Average sales per sqm p.a
2.3m
Annual foot traffic
93
Stores trading
Dress Smart Onehunga now turns over $155.1 million in annual centre sales at an average of $12,054 per square metre, drawing 2.3 million visits a year across 93 stores. Value uplift, rental growth and capital metrics to be supplied by Oyster.
Oyster Perspective
Active management is where lasting value is made.
Dress Smart Onehunga is the kind of asset Oyster is built to manage: an established, well-located property with room to be made better. Our work here is hands-on and ongoing, matching the right brands to the right destination and protecting the qualities that make it endure.
$1.7b+
In property assets under management, on behalf of Oyster investors nationwide
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