Hammer falls on Rangiora property, with one owner since 1932
214-222 High Street and 2 Durham Street, Rangiora
- 1,194m² land held over four titles
- Total building area 605m² configured into 3 separate tenancies
- High-profile corner site with large area of car parking
- Long standing national tenants in place with varying lease terms
- Owned by the same family for 86 years
- National Total Property marketing campaign with auction method of sale
- SOLD for $1,990,000 at a 6.15% yield
- 60 enquiries were received from North Canterbury and other South Island investors
- 12 interested parties in the auction room with 6 actively bidding
- Purchased by North Canterbury dairy farmers
The properties at 214-222 High Street and 2 Durham Street were extensively remodelled, refurbished and configured to house three self-contained office/retail tenancies around 23 years ago.
The building at 214 High Street dates back to around 1920 and Stewart White of Bayleys Canterbury understands this was originally a service building, home to a garage.
“The property had been owned by the Herron family, a well-known name in Rangiora, since 1932,” says Stewart.
“With aging vendors and beneficiaries wishing to release capital, the property somewhat reluctantly came to the market and was greeted with plenty of interest.
“Property in Rangiora’s town centre is very tightly-held and the majority of enquiry came from local investors keen to have a stake in a property close to home.”
Stewart says North Cantabrians know and understand the commercial property market well and any property that comes up for sale is eagerly contested.
“It’s a sign of the times that three of the six active bidders on the day were dairy farmers in the region, looking to diversify their investments.”
Marty and Jo Ashby are local dairy farmers who are consolidating a South Island commercial property portfolio.
Auction day did not exactly go to plan for Marty when an on-farm emergency meant he couldn’t attend the auction in person.
With a sick cow to deal with, Marty’s wife Jo went along to the auction and, in the face of some pretty intense competition, secured the property.
Marty says that acquiring a property in Rangiora close to their farm will make the management of the building a lot easier.
“We also have commercial properties in Christchurch and Dunedin,” he explains.
“But the Dunedin one, particularly, is just too far away for us to easily manage ourselves so we have got someone else doing that for us.”
Investing In their local region is important to the Ashbys who have farmed in the area for decades.
“The location of this Rangiora town property is really good and even though one of the tenants has since indicated that they will be moving on, we don’t anticipate any problems in leasing it again.
“The property’s got a good track record and we reckon it will be popular.”
Read more customer stories
Subscribe to receive the latest commercial news and insights from Bayleys Total Property