Only 10 sites remain for sale in the 35-lot Rangiora Business Hub industrial subdivision with the developer, commercial property fund manager Mainland Capital, choosing it as the site to launch its debut self-storage fund.
The Mainland Capital Storage Fund has bought a 16,351sq m block fronting on to Fernside Road, the first asset in its specialty Stor.Me self-storage development fund.
Blair Brown, Mainland’s Development Manager, says the site will be developed in four stages, totalling 540 units ranging in size from 4sq m to 24sq m along with boat and vehicle storage. Construction of the first tranche of 120 units is scheduled to begin before Christmas and be completed by mid-2025.
“Rangiora is an ideal location to launch our self-storage fund. It’s one of the fastest-growing regions in the country and from our extensive experience in the industry, we are confident there will be strong demand for an institutional-quality facility,” Brown says.
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Covering 13.8ha, the Rangiora Business Hub is on Todds Road, near Flaxton Road and businesses such as McDonald’s, Mitre10 Mega, Pak’nSave, Daniel Smith Industries, Hallmark Group, Farmlands, and PGG Irrigation are housed. Sites range in size from 1,249sq m to 1.35ha.
Construction is already underway for the likes of Louvre Solutions, BG Contracting, and Go Wireless. The largest of the development’s sites, measuring 1.3621ha, has been bought by a prominent Canterbury processing company with more details to follow.
Sam Staite, Director of Industrial at Colliers Christchurch, says buyers to date are a mix of local owner-occupiers seeking bigger premises, developers, and investors.
“There’s an acute shortage of freehold industrial land in Canterbury, fuelling demand for Rangiora Business Hub sites. That’s coupled with the absence of development contributions, which are being paid by Mainland Capital before titles are issued. This is a big advantage for companies looking to build there,” Staite says.
“Another compelling factor has been Mainland’s proactive approach in working with businesses that have special requirements, such as larger than standard trade waste discharge.”
Brown says Mainland is delighted with the calibre of businesses that have bought into Rangiora Business Hub.
“It’s tracking really well with 80 per cent of the land now sold and a strong level of enquiry.”
- Supplied by Colliers
