Canterbury precinct welcomes title move
Growing market certainty following the election is fuelling inquiry in the 13.8ha Rangiora Business Hub, with all titles issued.
Developed by Mainland Capital, a South Island-based commercial property investment fund manager, the 33-site subdivision in North Canterbury is being marketed by Sam Staite and Noel Gilchrist of Colliers.
“There’s often some hesitancy in election year but now that’s behind us, we’re definitely fielding growing inquiry from the likes of owner-occupiers, developers and tenants,” Gilchrist says.
“The other factor attracting attention is that building activity is under way on-site. All the roads and services are in, and the first of the building projects has begun.”
Already under way are Canterbury developer Aaron Boddington’s projects on two adjacent 1500sq m sites.
One site is leased to Big Dave’s Car Wash, an environmentally friendly car wash that has taken a long-term lease.
Boddington is developing the second site into seven architecturally designed business units of 90sq m on the ground level and a 35sq m mezzanine.
He expects both developments to be complete by March 2024. “Rangiora is such a fast-growing town and the great thing about the business hub is its location. The owners have been really accommodating in working with us on an early access agreement and everything has gone smoothly.”
Among other buyers are civil engineering firm BG Contracting, which undertook the hub’s earthworks, SwiftDry Clotheslines NZ and Go Wireless NZ, a leading distributor of wireless networking and internet hardware.
Staite says common feedback is that buyers were previously frustrated by the shortage of affordable freehold industrial land.
“It’s interesting to note that several of the businesses establishing themselves in the development are already locally based but wanting to expand,” Staite says. “There is increasing demand across the industrial sector for businesses to own and occupy their own premises and Rangiora Business Hub is providing the market with the opportunity to do just that.”
Mainland Capital’s Blair Brown says receiving titles for the individual lots is a great milestone for the development and purchasers.
“With the construction already under way on-site and other purchasers progressing their designs through the consenting process, it’s very satisfying to see the development transitioning from the land development phase to the construction of buildings.”
Rangiora is in the heart of the thriving Waimakariri District Council area, one of the country’s fastest growing catchments.
New residential subdivision Bellgrove Rangiora has sold nearly 70 per cent of the
200 sections in Stage One of its 100ha development with titles issuing from midNovember.
Bellgrove will eventually contain around
1300 new homes.