Rangiora’s economy is flourishing at the heart of the Waimakariri District in North Canterbury and as the population grows, so does the demand for industrial premises to service the residents and businesses in the area.
The Rangiora Business Hub was developed by commercial real estate funds manager, Mainland Capital.
The hub is located on the corner of Fernside Road and Todds Road in the town of 19,300 residents about 30km north of Christchurch, and is a prime example of how industrial parks are needed to support productivity in high-growth regions.
Thirty-one freehold industrial lots have sold in the hub and titles are issued – with only four remaining.
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“Around Canterbury, industrial space continues to be scarce and the success of the Rangiora Business Hub highlights both the strength of the Waimakariri economy and how the development meets demand for land for outright purchase,” says Sam Staite, Director of Industrial at Colliers Christchurch.
These unencumbered lots have no build ties or lease-only provisions which means buyers have full control from day one.
“Local and regional companies have chosen to become owner-occupiers in the subdivision or take up tenancies to futureproof their operations,” he says.
One example is Stor.Me Rangiora, a premium, highly secure self-storage facility on Kingsford Smith Road.
The facility experienced overwhelming demand during their first stage launch of 120 premium units – reaching over 90 per cent occupancy within months of opening.
In April, a second building was completed, providing a further 150 units and experiencing equally high demand.
Work begins on a third building on the property this month, providing a further 130 units.
Campbell Youngman from Mainland Capital says Stor.Me Rangiora was the first development for the firm’s Mainland Capital Storage Fund.
It now has three large-scale storage facilities across the country.
“We are tracking a year ahead of our construction schedule, which is a positive indication of the urban growth and population boom in Rangiora,” he says.
Another new development in the hub is the Hallmark Group expansion.
The specialist door manufacturer outgrew its premises on Flaxton Road and bought land in the adjacent hub to facilitate a 4,341sq m extension.
Waimakariri’s population is projected to hit 76,600 by 2033, according to Enterprise North Canterbury research.
For Rangiora, that translates to nearly 3,000 new homes.
The practical reality is that people prefer to live close to work.
Around 30 per cent of workers make the half-hour commute to Christchurch, but 72 per cent of those people stated in the latest Waimakariri Community Survey that they would prefer to work locally.
Last year the number of businesses in the district rose 1.7 per cent to number 7,458, so the demand for a local base is expected to be constant.
“The Rangiora Business Hub’s occupied status is evidence that industrial firms often choose to own rather than rent their premises,” Staite says.
“Seeking certainty and security over their environment, owners are drawn to the long-term benefits of building equity and the freedom to modify their space and protect themselves against rising rents.
“Commercial property also offers the potential for capital gain, tax considerations, and a tangible retirement asset while conveying to customers a sense of permanence and credibility that a leased premises may not always show.”
The Rangiora Business Hub is on the western edge of town, close to the bulk retail area and main transport routes.
- Supplied by Colliers
