Titles issued at Rangiora Business Hub

Growing market certainty following the election is fuelling enquiry 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 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 enquiry from the likes of owner-occupiers, developers, and tenants,” Gilchrist says.

“The other factor attracting attention is that building activity is underway on-site. All the roads and services are in, and the first of the building projects has begun.”

Already underway is Canterbury developer Aaron Boddington’s projects on two adjacent 1,500sq 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.

“The common feedback we’re hearing 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.

"Owning your own premises can be a great long-term investment and also an excellent way for businesses to control their long-term costs and avoid uncertain painful market rent reviews that can occur when leasing.”

Mainland Capital’s Blair Brown says receiving titles for the individual lots at Rangiora Business Hub is a great milestone for the development and their purchasers.

“With the construction already underway 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 fastest growing catchments in New Zealand.

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 mid-November.

Bellgrove will eventually be home to around 1,300 new homes. Stage 1 has sections for stand-alone housing ranging in size from around 330sq m to more than 1,100sq m as well as higher density townhouses.

Director Paul McGowan says there is good demand from builders while first home buyers, downsizers, and those upgrading are buying land and house packages.

“It was a bit quieter early in the year, but enquiry has really picked up in the past couple of months.”

Article supplied by Colliers