BANGOR RETAIL PARK OPEN A1 RETAIL PARK INVESTMENT OPPORTUNITY - CAERNARFON ROAD LL57 4SU - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
BANGOR RETAIL PARK
CAERNARFON ROAD • LL57 4SU
OPEN A1 RETAIL PARK INVESTMENT OPPORTUNITY
A4087
BANGOR RETAIL PARK
St David’s Retail Park
Menai Retail Park
Caernarfon Road
A4087 A55
North Wales Expressway
BANGOR RETAIL PARK
INVESTMENT SUMMARY
– A four-unit scheme providing a total of 5,749.22 sq m (61,884 sq ft) – The scheme benefits from Open A1 (non-food) planning consent.
GIA of retail warehouse accommodation with 291 parking spaces
– Total passing rent of £848,461 per annum reflecting a low average
(1:213 sq ft).
rent of £13.71 per sq ft.
– Prominently situated in the centre of Bangor’s primary retail
– Over 60% of the income benefits from fixed uplifts.
warehouse provision.
– Freehold.
– Bangor has a considerable population of approximately
100,000 within 20 minutes drivetime with limited competing retail
warehouse provision. Offers sought in excess of £9,300,000
£9,300,000,, subject to contract and
excluding VAT, A purchase at this level would reflect an attractive
– Fully let to Next, Argos, Sports Direct and The Range with a WAULT
net initial yield of 8.48%
8.48%,, assuming purchaser costs of 7.57%.
of 6.8 years (6.5 years to break).
BANGOR RETAIL PARK
LOCATION M58
Bangor is an attractive coastal city within the Gwynedd authority of North West BANGOR M62
Birkenhead
Wales. The city benefits from excellent road links, with the A55 North Wales Expressway Holyhead ISLE OF
Llandudno
M53
Liverpool
M56
connecting Bangor with Holyhead to the north west (40km/ 25 miles) and Llandudno ANGLESEY
A55
A55
to the north east (36km/ 22 miles).
A470
Chester
A494
A5
Bangor is well served by national rail services, with regular direct trains to both Betws-y-coed
Wrexham
Holyhead and Chester, taking on average 37 minutes and 1 hour 37 minutes, A487
A483
respectively. Services to London Euston take on average 3 hours 36 minutes, with up SNOWDONIA
A5
NATIONAL
Portmadog
to 24 trains per day available. PARK Bala
Oswestry
A494
A483
A5
Barmouth Shrewsbury
A458
A5
BANGOR
A545 d Rd
ea
yh
ol Bangor
A5
H
MENAI BRIDGE
A5
St David’s
Retail Park
d
A487
nR
fo
ar
rn
ae
MINFFORDD
C
Menai
Retail Park
Rd
th
A4087
r
bo
Holyhead e
Tr
SITUATION PENRHOS-GARNEDD
BANGOR RETAIL PARK
Bangor Retail Park sits prominently within Bangor’s core retail warehouse cluster. Junction 8
Junction 10
N
Immediately adjacent to the Retail Park is a large Tesco Superstore, and opposite is or
th A55 North W
ale
Wa sE
l e s E x pre ss way
B&Q & Halfords. In close proximity is the Menai Retail Park where TK Maxx and Curry's xp
re
ss w A55
/ PC World are located. Aldi are to open a new store later this year adjacent to ay
A4087 Chester
Dunelm Mill on Caernarfon Road, confirming the strength of the location.
BANGOR RETAIL PARK
DESCRIPTION
The property has a substantial frontage to, and is accessed directly
from Caernarfon Road, with the car parking being located in front of
the retail units and on the north eastern side of the three unit terrace,
the car park comprises 291 spaces (1:213 sq ft). There are two vehicular
customer access and egress points, both from Caernarfon Road.
The entrance nearest to The Range and Sports Direct is also used for
servicing, providing direct access to a dedicated yard to the rear. An
agreement has been reached with an EV operator for two electrical
charging points in the car park, further details are available on request.
The units are all built of steel portal frames with brickwork and
composite panel cladding to the elevations. The signage is
prominently displayed and clearly visible from Caernarfon Road.
Argos benefits from a storage mezzanine of
approximately 50% of GIA (5,000 sq ft).
Next benefits from a full cover mezzanine used for
sales, Next delivery/ storage, staff accommodation
and a Costa Coffee concession.
The Range benefits from a covered garden centre,
accessible via the ground floor sales area.
The garden centre is extended to the south west
elevation of the unit.
BANGOR RETAIL PARK
SCHEME PLAN
Menai Retail Park
CAERNARFON RD A4087
A4
087
BANGOR RETAIL PARK
The property has a site area of 7.63 acres (3.09 hectares), which provides a site coverage of 19%.
BANGOR RETAIL PARK
RETAIL WAREHOUSE PROVISION
Bangor Retail Park is situated in the centre of A5
BANGOR
the city’s primary retail warehouse cluster and
d
therefore benefits from excellent critical mass. A545
a dR
PROMIS estimates Bangor’s total retail warehouse y he
ol Bangor
provision to be approximately 389,000 sq ft, which A5
H
MENAI BRIDGE
is principally provided within three schemes on
Caernarfon Road; Menai Retail Park, St David’s A5
Retail Park and the subject property. In addition
there are a number of food stores and solus units St David’s Retail Park
including Halfords, B&Q, Tesco, Home Bargains,
Dunelm and a new proposed Aldi store.
d
A487
nR
Menai Retail Park
fo
ar
Menai Retail Park
rn
Menai Retail Park was developed in 1997 and
ae
comprises 44,595 sq ft of open A1 (non-food) MINFFORDD
C
accommodation. The scheme is fully let to Currys/
Rd
PC World, Carpetright, TK Maxx and Pets at Home.
r th
bo
Holyhead e
St David’s Retail Park Tr
St David’s Retail Park opened in 2002 and PENRHOS-GARNEDD BANGOR RETAIL PARK
A4087
comprises 70,000 sq ft of open A1 (non-food) and
D2 accommodation. The scheme is fully let to Junction 8
Junction 10
B&M, DW Sports & Fitness and Matalan. N
or North W
th A55 ale
Wa sE
l e s E x pre ss way xp
re
ss w A55
ay
A4087
Chester
BANGOR RETAIL PARK
DEMOGRAPHICS
The population within a 10 minute drive time is 41,594,
increasing to 98,707 in 20 minutes and 196,589 within
Llandudno
30 minutes (Experian 2021). Holyhead
ISLE OF BANGOR
The core of Bangor's catchment is dominated by 15-24 Bodedern ANGLESEY
Colwyn Bay
year olds with over 25% of Bangor's population being
A55 A55
from this age band within a 10 minute drivetime, this
is mostly due to the university which has a substantial
draw and continues to attract students nationally and Gaerwen
internationally. This robust level of student population A470
with healthy disposable income facilitates the success
of retail warehousing within Bangor itself, with greater Caernarfon Llanberis
A5
than average spend on comparison goods such as Betws-y-coed
household items, computing equipment and
clothing/footwear.
Llanllyfni
10 Minutes
SNOWDONIA
20 Minutes
A487 NATIONAL
30 Minutes PARK
BANGOR RETAIL PARK
TENANCY SCHEDULE
The scheme has an average weighted unexpired lease term of 6.8 years (6.5 years to Argos' break).
Total Area Lease Next Review Rent
Unit Tenant Rent psf Comments
GIA (sq ft) Expiry Date pa
Unit 1 Argos Rent rising to £132,500 in year 3
10,184 24/12/20251 – £130,000 £12.77
A/B Limited and £135,000 in year 4
Unit
Next Group Plc 12,013 26/09/2024 – £183,000 £15.23 –
1C
Unit 2 Sportsdirect.com
9,554 17/07/2024 – £152,864 £16.00 –
A/B Retail Limited
CDS (Superstores
Unit Rent subject to 5 yearly uplifts3
International) Ltd 30,1332 07/02/2032 07/02/2022 £382,597 £12.70
3 equivalent to 2% pa compounded
t/a The Range
Total 61,884 £848,461 £13.71
1. Argos have a tenant only break option in year 3 of the term.
2. Excludes enclosed garden centre area of 6,911 sq ft.
3. The next fixed uplift under the CDS lease will take effect on 08/02/2022 – the rent will increase to £422,417 pax.BANGOR RETAIL PARK
COVENANT INFORMATION Tenants Percentage Of Income
Argos Limited
Company No: 01081551
Year Turnover Pre Tax Profit Net Worth D&B Argos (fixed uplifts) 15%
to Date (£ 000s) (£ 000s) (£ 000s) Rating
Mar 2020 4,201,625 -141,736 344,499 Next 45%
Feb 2019 4,240,797 -57,868 359,706 5A3
Sports Direct 22%
Feb 2018 4,162,557 -145,305 374,264
The Range (fixed uplifts)
Next Group Plc 18%
Company No: 00035161
Year Turnover Pre Tax Profit Net Worth D&B
to Date (£ 000s) (£ 000s) (£ 000s) Rating PLANNING TENURE
Jan 2020 211,400 122,100 856,700 The scheme benefits from open A1 Freehold.
Jan 2019 215,300 758,500 946,700 5A2 (non-food) planning consent.
Jan 2018 215,400 792,700 781,300 Dra
in
GG
ESS
Sportsdirect.com Retail Limited
FF
O
RD
D
C
AE
RN
AR
Company No: 03406347
FO
N
(C
AE
RN
AR
FO
N
R
O
AD
Year Turnover Pre Tax Profit Net Worth D&B
)
to Date (£ 000s) (£ 000s) (£ 000s) Rating
Apr 2020 2,160,287 212,862 1,496,455 D
ef
El
Su
b
Sta
Apr 2019 2,187,760 345,610 1,374,728 5A2
ED
Bd
y
39.6m
Tank
Apr 2018 2,206,501 167,306 1,060,137
CDS (Superstores International) Limited t/a The Range
Sub
Sta
El
Company No: 02699203
Year Turnover Pre Tax Profit (£ Net Worth D&B
to Date (£ 000’s) 000’s) (£ 000’s) Rating
Jan 2020 1,001,292 42,780 270,646
CB
Jan 2019 945,033 71,161 237,176 5A2 Site plan not to scale, indicative only
Jan 2018 869,139 53,516 179,560 Note site to the rear is steeply banked
FF
O
R
D
DBANGOR RETAIL PARK
ENERGY PERFORMANCE CERTIFICATES DATA ROOM PROPOSAL
Copies of the EPCs are available There is a data room for the property We are instructed to seek offers in excess of
upon request. containing key tenancy information, £9,300,000 subject to contract and exclusive of
title documents, reports and certificates; VAT. A purchase at this level would reflect a net
VAT access is available upon request. initial yield of 8.48%, assuming purchaser costs
of 7.57%.
This property has been elected for VAT
purposes and it is expected that the
investment sale will be treated as a TOGC.FURTHER INFORMATION
For further information or to arrange an inspection, please contact:
DOM MOORE DAVID SLATTER
+44 (0) 7769 650 190 +44 (0) 7778 149 218
Dom.Moore@Newsteer.co.uk David.Slatter@Newsteer.co.uk
Important Notice
1. This information is intended as a general outline only for the guidance of intending purchasers and does not constitute an offer or
contract, or part of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and
occupation and other details are given in good faith and are believed to be correct. Intending purchasers should not, however, rely on
them as statements or representations of fact but satisfy themselves by inspection or otherwise as to their correctness. 3. No person in
the employment of Newsteer has any authority to make or give any representation or warranty whatsoever in relation to any of these
properties. 4. Unless otherwise stated, prices or rents quoted are exclusive of VAT. June 2021You can also read
