Demand high for Rangiora land
Recent sales activity in Rangiora has highlighted the fact that demand is outstripping the supply of greater Christchurch’s industrial freehold land, real estate firm Colliers says.
Sam Staite, director of industrial at Colliers, said that only eight weeks after being released to the market, 18 of the Rangiora Business Hub’s 35 sites were under contract, and 10 of those sites had sold.
With greater Christchurch’s industrial freehold land supply in the final stages of being soaked up by purchasers, values were projected to continue rising sharply, Staite said.
‘‘Industrial land across Canterbury is in short supply and, with very few new developments in the pipeline, it is no wonder this development is already in hot demand with sections selling quickly.
‘‘We knew there would be strong interest from owner-occupiers, investors and tenants but even we were surprised by the speed of sales.
‘‘The key drawcard is that Rangiora Business Hub provides the opportunity to secure affordable, freehold industrial land in one of the highest growth commercial locations in the district.
‘‘Given the level of sales, we anticipate the developers will release stage two shortly although pricing may be higher than stage one, where there are still seven lots available.’’
Staite said titles for stage one were targeted to be issued in the second half of 2023. It was likely that stage two would be completed at the same time as stage one.
The industrial park is being developed by Mainland Capital, a South Island-based commercial property investment manager.
Just moments from the Southbrook bulk-retail precinct, the master-planned 13.8ha development offers freehold titles with options ranging from 1200 square metres to 1.35 hectares in size.
The main entrance to the industrial park on Todds Rd is just a few hundred metres from Flaxton Rd where the likes of McDonald’s, Mitre10 Mega and Pak ‘n Save are all situated. The dual roads in the development lead to Kingsford Drive Business Park, home to businesses such as Main Power, NZ Police, Rayonier, PGG Wrightson.
‘‘Southbrook, and particularly Flaxton Rd, has grown significantly over recent years as industry and services have responded to the everincreasing population of the Waimakariri District. This growth has created a shortage of industrial land available for sale, particularly smaller lots,’’ Staite said.
The North Canterbury town was emerging as the location to watch as developers and large industrial businesses turned their gaze to the one-time quiet achiever, he said, with faster motorway links, a growing population and a shortage of industrial greenfield sites.