Last chances to get foot in door of boom suburb
Only one new building remains for sale in the expanding Rolleston Fields retail development in the thriving Selwyn District, 20km southwest of Christchurch.
Rolleston has undergone extraordinary growth over the past two decades, nearly tripling its population to around 80,000 residents.
There are predictions it will top 120,000 people by 2030 as it continues to be a magnet for young families in particular.
With a price tag of $9.4 million, the 1983sq m Health and Wellness Precinct (Building A) on offer comprises six tenants, anchored by O-Studio, Motus Health and Flex Fitness.
The $85 million development is spearheaded by Cooper Developments in partnership with the Selwyn District Council.
The developers have a five-year vision for Rolleston Fields, with another five buildings planned, incorporating cinema and entertainment, further hospitality and specialty retail.
Courtney Doig, investment sales broker at Colliers Christchurch, says Rolleston Fields is set to become the hub of the burgeoning community.
The vendor is meeting the market, pricing to sell at a 7.25 per cent net yield so they can free up capital to further expand the complex, Doig says. “This is an exciting opportunity for an astute investor seeking the right opportunity to buy an immaculate new asset in a booming location.
“The developers have spent considerable time identifying the future needs of the community and have sought tenants to meet those requirements.
“Built in 2023, this building is fully occupied with strong tenant covenants and a good spread of risk. Fixed annual growth is built into each of the tenancies.”
Sitting on 2133sq m of freehold land, Rolleston Fields has 500 carparks.
Doig says the other new building, a 1601sq m medium-format office and retail space anchored by Bargain Chemist and Petstock, is under contract and due to confirm shortly.
Enhancing the appeal of Rolleston Fields are key community attractions such as the local library, new skate park and Foster Park, the largest sport and recreation park in Selwyn District.
The new Christchurch Southern Motorway has drastically reduced travel time from Rolleston to Christchurch to just a 15-minute drive.
This has been a huge selling point for its expanding industrial area, comprising the business parks of IPort and Izone. The industrial transport hubs handle 92 per cent of Canterbury’s exports.