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Major expansion for Dress-Smart Hornby

29 February 2008

Major expansion for Dress-Smart Hornby

The South Island’s only outlet shopping centre, Dress-Smart Hornby in Christchurch, is embarking on a multi million dollar expansion, its second major expansion in three years.

Anthony Bertoldi, CEO of ING Retail Property Fund Australia which owns Dress-Smart Hornby as well as the Dress-Smart centres in Onehunga, Auckland and Tawa, Wellington said that they are delighted by the expansion plans.

“The expansion will see the centre increase by more than 50 per cent (approximately 2,250m2 of retail space) creating between 15 and 20 new stores. It is expected that this growth in turn will create in excess of 30 new jobs.

“The Dress-Smart outlet shopping concept continues to go from strength to strength in New Zealand. These latest plans are an endorsement of Prime Retail’s successful management of the centre and the Dress-Smart brand. The expansion has happened much sooner than we anticipated, and has been driven by demand from both tenants and customers.”

Mark Schiele, Chief Executive of Prime Retail Management Limited, which manages the Dress-Smart portfolio on behalf of ING Retail Property Fund Australia, said that Dress-Smart Hornby has been very successful.

“The centre attracts shoppers from Christchurch and surrounding regions, plus other mainlanders and tourists from further afield. Retailer demand is both from our exiting tenants who approached us to enlarge their tenancies, and from new tenants who want to open a store in the complex.

“The expansion of Dress-Smart Hornby is part of a strategy to continue to improve the core offer of well known brands at outlet prices as desired by our customers.”

Construction at Dress-Smart Hornby begins in March and is expected to be completed in November this year.

ENDS

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