Bargain Chemist will lease 833sq m and City Fitness 1078sq m. Bargain Chemist’s new store is set to open mid-next year.
The building was sold recently to local investor Cantcomm Ltd by Nick Doig and Noel Gilchrist of Colliers in a short off-market campaign that attracted four offers.
The property covers 4500sq m across multiple titles. This includes the main building, a further outdoor area of 454sq m and a further 606sq m available on a neighbouring building.
‘‘The buyer, Cantcomm Ltd, is undertaking a full refurbishment, including a seismic upgrade and reconfiguration into the two tenancies,’’ Doig says.
‘‘With very limited vacancy for medium to large format retailers, there’s still unsatisfied demand for space in this everexpanding catchment.’’
A planned upgrade of the public car park immediately adjacent to the building, that will improve links to the Farmers department store and High St retail precinct, will enhance the site, he says.
Cantcomm’s Harry van Tongeren says Rangiora has a significant commercial sector, and retail is ‘‘considered to be in a strong growth mode’’.
‘‘The property we bought provided opportunities to target both the retail and commercial sectors.
‘‘As a property of size and scale, the issue was to look at a cost-effective repair strategy, and a revised presentation to the marketplace.
‘‘It was a solid opportunity to add our skill set too,’’ Mr van Tongeren says.
Bargain Chemist director Peter Shenoda says the new store will not only meet the community’s healthcare needs, but also create local jobs and contribute to the economic development of the region.
‘‘We see Rangiora as an excellent opportunity to strengthen our commitment to enhancing the health and well-being of New Zealanders.
‘‘Our store will not only offer a wide range of pharmaceuticals and healthcare products, but will also focus on health education and community engagement.
‘‘We plan to collaborate with local organisations and healthcare professionals to promote wellness and healthy living with the community,’’ Mr Shenoda says.
Earlier this year, Doig and Gilchrist sold the 700 sqm BNZ site on the corner of High and Ashley Streets in Rangiora for $2.075 million which is being developed into a retail and office complex.
Mr Gilchrist says Rangiora remains the preferred option for small and large retailers looking to establish in North Canterbury, as the population continues to grow, new residential developments come onstream and buildings now under way in the new Rangiora Business Hub.
The latest Business Opinion Survey for North Canterbury reveals that confidence has bounced back to positive territory. Enterprise North Canterbury reports local businesses are more confident about their own prospects over the next six months, and are expecting to see an increase in profit.