He cited Mānawa Bay, developed by Auckland Airport in a project headed by its property boss Mark Thomson.
Richard Kirke of Colliers said the impact of Manawa Bay could now be measured.
“Mānawa Bay has had an impact, but Dress Smart is largely fully occupied. That shows this city needs both centres,” Kirke said.
In 2022, Covid and the development of Mānawa Bay resulted in uncertainty, so Lend Lease chose not to sell at that time, he said.
Kirke is on the sale with colleagues Blair Peterken and Lachlan MacGillivray.
James Douglas, Brent McGregor and Caiti Morgan are the CBRE agents.
The mall has a gross floor area of 13,179sq m and nearly $100m worth of goods are sold there annually.
It stands on a 2.4ha site with 844 car parks.
It opened in 1995 and was refurbished last year.
Bargain hunters at the Onehunga property.
The information memorandum says Puma, adidas, Tommy Hilfiger and Converse have major outlets there.
In all, 86 shops trade from Dress Smart, including 74 speciality stores, 10 kiosks, one freestanding business and one office.
Annual pedestrian foot traffic is 1.8 million shoppers, spending an average $55 per visit, according to the memorandum.
Oyster is the centre manager.
The mall has a net passing income of $13.2m and a weighted-average lease expiry of three years.
Average store size is 145sq m.
Site coverage is considered low at only 53%, so development potential is considered high.
Dress-Smart outlet centre at 151 Arthur St, Onehunga.
The property includes two vacant lots of 1345sq m and 4423sq m, which the memorandum said gives flexibility for expansion.
Lend Lease signed a development agreement with Auckland Council for 6500sq m of retail expansion with three new mini majors and more speciality stores and car parking.
Occupancy of the existing mall is high at 97.8%.
Lend Lease bought the property in 2010.
Properties included in the sale are 3 Paynes Lane, 45 and 49 Walter St and 155 and 157 Arthur St.
“Originally opened in 1995, the centre has undergone a series of refurbishments and expansions over time, including in 1996, 1999, 2005, 2014 and most recently in 2025, ensuring it remains contemporary and well-aligned to retailer and consumer requirements,” the memorandum said.
“The centre features a highly curated mix of discounted international and national brands.”
Stores are weighted towards lifestyle, apparel and athleisure categories that drive consistent footfall and repeat visitation.
Hallensteins, Skechers, Rip Curl, Lorna Jane, New Balance, Dr Martens, Dotti, Asics, Calvin Klein, Barkers, Coach, Mountain Warehouse, Bendon, The North Face, Kathmandu, Macpac, Peter Alexander and Bed, Bath N’ Table trade from the centre.
Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.
Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter – your essential weekly round-up of all the business news you need.