With Greater Christchurch’s industrial freehold land supply in the final stages of being soaked up by purchasers, values are projected to continue to rise sharply.
Demand is outstripping this supply, highlighted by the recent sales activity in Rangiora.
Only eight weeks after being released to the market, Rangiora Business Hub has 18 of its 35 sites under contract, with 10 of those sites sold.
Sam Staite, Director of Industrial at Colliers Christchurch, says the uptake in Rangiora has been phenomenal.
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“Industrial land across Canterbury is in short supply and with very few new developments in the pipeline it’s no wonder this development is already in hot demand with sections selling quickly,” Staite says.
“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 2 shortly although pricing may be higher than Stage 1, where there are still seven lots available.”
Staite says titles for Stage 1 are targeted to be issued in the second half of 2023. It is likely that Stage 2 will be completed at the same time as Stage 1.
The industrial park is being developed by Mainland Capital, a South Island-based commercial property investment manager with an impressive track record of delivering high-quality commercial subdivisions and buildings.
Just moments from the Southbrook bulk retail precinct, the master-planned 13.8ha development offers freehold titles with options ranging from 1,200sq m to 1.35ha in size.
The main entrance to the industrial park on Todds Road is just a few hundred metres from Flaxton Road where the likes of McDonald’s, Mitre10 Mega, and Pak ’n Save are all situated.
The dual roads within the development lead to the popular Kingsford Drive Business Park, which is home to organisations such as MainPower, New Zealand Police, Rayonier, and PGG Wrightson.
“Southbrook, and particularly Flaxton Road, has grown significantly over recent years as industry and services have responded to the ever-increasing population of the Waimakariri District. This growth has created a shortage of industrial land available for sale, particularly smaller lots,” Staite says.
The North Canterbury town of Rangiora is emerging as a location to watch as developers and large industrial businesses turn their gaze towards the one-time quiet achiever.
Faster motorway links, a growing population, and a shortage of industrial greenfield sites are all conspiring to make Rangiora a highly desirable location.
- Article supplied by Colliers
