Opportunity for slice of retail/commercial investment in Rangiora
A high profile corner retail/commercial site in Rangiora, with real potential for further development, should have investors clamouring to purchase.
The 3244m2 duel access property, has frontages to High and Aquila Sts, enjoys a prime location opposite The Warehouse and Noel Leeming. CRT occupies the B2 site but its lease expires 31 March 2012, with no rights of renewal.
Noel Gilchrist, investment sales manager at Colliers International in Christchurch, said the site currently featured a 600m2 showroom, 300m2 warehousing, parking and 603m2 of undeveloped land in Aquila St.
“The beauty of this property is its potential for growth – it only has about 30% site coverage at present so there is real scope to improve returns for a new owner by creating additional retail showroom space.” Gilchrist said. Two investors have held the property for many years.
Rangiora is the focus of keen investment demand since February. A business survey of the Rangiora town centre showed that since February the majority of retail sector businesses experienced an increase in turnover following the February earthquake. It found that traditionally the majority of spending at Rangiora merchants is from Waimakariri District residents (around 84%).
“Colliers International has a number of projects on the go in Rangiora at the moment including the former Mobil service station, Ashley st, earmarked for redevelopment as a small format retail centre,” Gilchrist said.
Following February there was a noticeable change in spending, according to MarketView, which measures consumer spending behavior based on BNZ’s credit and debit card holders. The figures show a significant increase in both the number of transactions and total value spend in March 2011 compared to March 2010 – 68,315 transactions with a total value of $ 3,995,100. This compares with 52,212 transactions in the previous corresponding period worth $ 3,010,281. Traditionally the majority of spending at Rangiora merchants is from Waimakariri District residents (around 87% of transactions in March 2010) but data has shown an increase in the proportion of shoppers from outside the district - the proportion of spending from Christchurch in Rangiora has more than doubled in the time between March 2010 and March 2011.
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