Oyster Property Group has entered an unconditional contract to purchase Dress Smart Christchurch, the South Island’s only dedicated outlet shopping centre, in a 50/50 joint venture with an entity associated with London-based William Pears Group. 

Oyster, through predecessor entities, originally developed Dress Smart Christchurch in 1998 and has managed and leased the centre for more than 27 years across multiple expansions and ownership cycles. 

Oyster intends to hold its 50% interest through a Wholesale PIE structured unit trust, with an investment offer for eligible wholesale investors expected to be launched in late March 2026, subject to final approvals. 

Dress Smart Christchurch is located at 411 Main South Road, Hornby - a key growth node in Christchurch’s western corridor, approximately 11 kilometres from the CBD and seven kilometres from Christchurch Airport. 

The centre operates as a destination retail offering, drawing approximately 1.6 million customers each year from a broad and growing catchment. Host to a resilient tenant mix of leading global brands including Adidas, Puma, Under Armour, Asics, Calvin Klein and Tommy Hilfiger, the asset is currently fully occupied and generates net passing income of approximately $5.15 million per annum. 

Recent structural and building upgrades have been undertaken by the vendor, including seismic strengthening and roof and carpark membrane works. 

Canterbury continues to be one of New Zealand’s strongest-performing regional economies, supported by sustained population growth and infrastructure investment. The region recorded 9.5% population growth from 2018–2023 (Stats NZ Census 2023), and Christchurch retail spend is forecast to double to $20 billion by 2046. 

“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, Chief Executive 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. 

“We have managed Dress Smart Christchurch for almost three decades. That depth of operational knowledge gives us a strong foundation to continue optimising tenant mix, occupancy and income performance. 

“We’re focused on maintaining and strengthening what sets Dress Smart apart - a high-quality retail environment that attracts leading brands, provides customers with a value-for-money experience and supports consistent long-term performance for investors.

“Taking an ownership stake, alongside a long-term capital partner, reflects our conviction in Dress Smart Christchurch and its long-term outlook.”