Rangiora's old post office for sale 'as is'

The 80 year old Post Office building in Rangiora, north Canterbury.

Rangiora's 80 year old Post Office building, on a corner of busy High Street in the Canterbury town north of Christchurch, is being sold 'as is where is.'

"The building was constructed in 1935 and incorporates a Post Shop and Take Note downstairs with offices above," says Noel Gilchrist, investment sales specialist with Colliers International who is selling the property by deadline private treaty closing April 16.

"The 960 sq. m building is in the heart of Rangiora's small format retail precinct with several new developments nearby, including the proposed new Farmers department store," Gilchrist says.

It is seismic rated at 34 per cent of New Building Standard (NBS) and Gilchrist believes there will be significant interest in the building due to its character appeal and Business 1 zoned positioning.

"It is difficult to assess the cost of any repairs without a full refurbishment feasibility study to establish the cost to bring it up to 100 per cent NBS or the minimum 67 per cent," he says.

"Given the cost uncertainty, we see this property as being an attractive 'as is where is' opportunity for developers. Our recent experience with the sale of this type of property revealed strong interest from potential purchasers who see value in retaining existing damaged buildings to repair."

Gilchrist says Rangiora services 60 per cent of the district's growing population.

"The earthquakes have fast tracked a number of residential developments with in excess of 60,000 residents expected by 2022. Historically Waimakariri District Council averaged 400 new dwelling consents a year but in 2012 there were more than 1000.

"The earthquakes and burgeoning population growth are placing pressure on commercial property in Rangiora as national retail and commercial operators focus on servicing the residential population in North Canterbury," Gilchrist says.

"The commercial property sector is buoyant and activity and transaction levels are high with newly developed product being completed and sold continuously. Damaged product being sold at close to land value is flavour of the month."

Last week a similarly central 'as is where is' single level building at King St, Rangiora, fetched $900,000 at Colliers' auction amid spirited bidding.