A government-leased industrial property in North Canterbury has come to market, delivering dependable income and strategic positioning in one of the region’s fastest-growing districts, Bayleys brokers say.

Bayleys commercial and industrial sales and leasing specialist Stewart White is marketing the 1,555sqm (more or less) freehold site at 10E Newnham Street for sale by deadline, closing at 4:00 pm on Tuesday, 1 July 2025 (unless sold prior), alongside colleague Mark Pringle.

White says the property is being offered to the market for the first time since its construction in 2008. It features two adjoining high-stud warehouses, which have recently been consolidated into a single tenancy occupied by a long-standing government operator.

The property returns $94,669 plus GST and outgoings in net annual income from a lease to New Zealand Post that commenced in 2009.

The current term expires in December 2026, and there is one further right of renewal extending to 2029. A rent review is scheduled for 1 January 2027, aligning with broader market activity in a sector where industrial rents continue to show resilience despite economic challenges.

White says the combination of a secure tenancy, modern construction, and strategic positioning within one of New Zealand’s fastest-growing districts presents a compelling investment proposition.

“This is a hands-off industrial investment, benefiting from a robust tenant covenant that delivers consistent income from a government occupier with strong operational needs in the region,” he says.

“The property is purpose-built and modern, with a seismic assessment of 81 percent of New Building Standard (NBS), providing confidence to institutional-grade investors and private capital alike. It’s a tightly held asset class, with few comparable properties in Rangiora offering this level of specification and location.”

The 597sqm facility comprises two high-stud warehouse units of 248sqm and 177sqm (more or less), each with dedicated office and amenity areas. Positioned on a Business 2-zoned site, the property features sealed car parking and generous vehicle manoeuvring space, accessed via a private right of way.

“Constructed for longevity, the building features precast concrete tilt-slab panels and long-run iron roofing, materials renowned for their durability and low maintenance requirements,” White says.

“Powder-coated aluminium joinery and double-glazing enhance thermal efficiency and weather resistance, reducing operational costs for occupiers. The premises also feature canopy-covered access, improving tenant functionality by providing sheltered loading zones.”

White says the property is strategically located 30 minutes north of Christchurch, in Rangiora - the commercial heart of the Waimakariri District.

“Rangiora is a high-growth area that continues to outperform national population expansion and business development averages. Its industrial precincts are thriving, supported by infrastructure investment and proximity to State Highway 1, which provides excellent access to Christchurch and beyond.

“With significant residential growth in neighbouring towns including Kaiapoi and Woodend, demand for logistics and service-based operations has grown steadily. This has underpinned rising interest in well-located industrial assets, particularly those backed by government or national-scale tenants.

“In a market where stability and quality are increasingly valuable, this property offers both, with future upside potential. The vendor’s retirement motivation adds further impetus to act.”