THE MENAI CENTRE BANGOR, NORTH WALES LL57 1DX - PRIME CITY CENTRE RETAIL INVESTMENT OPPORTUNITY - Jackson Criss
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THE MENAI CENTRE BANGOR, NORTH WALES LL57 1DX PRIME CITY CENTRE RETAIL INVESTMENT OPPORTUNITY
SUBJECT PROPERTY COMPRISES 22 MODERN,
FULLY FLEXIBLE RETAIL UNITS, WITH THE
MAJORITY DEVELOPED IN 2008 AND
ANCHORED BY A LONG LET DEBENHAMS
DEPARTMENT STORE (57,192 SQ FT).
THE
MENAI
CENTRE
BANGOR, NORTH WALES
THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
INVESTMENT
CONSIDERATIONS
Bangor is a historic University City, attracting significant
tourism spend and benefitting from a direct rail service from
London (Euston).
The Menai Centre is the prime and dominant shopping location
within Bangor City.
Freehold interest of retail accommodation plus long leasehold
interest of multi-storey car park adjacent.
Total floor area of approximately 140,000 sq ft.
The property comprises 22 modern, fully flexible retail units,
with the majority developed in 2008 and anchored by a long let
Debenhams department store (57,192 sq ft).
Multi-let to a range of excellent High Street names, including
Debenhams, River Island, H&M, JD Sports, Superdrug, Poundland
and Caffè Nero.
Current gross rental income of £1.53m per annum exclusive and
net rental income of £1.39m per annum exclusive, after deductions
of landlord’s shortfalls.
80% of the current rental income is secured against tenants with a
minimum risk of business failure based upon D&B rating.
42.6% of the income secured against Debenhams (by gross
income, 50.1% by net income), who are subject to 5 yearly fixed
increases of 2.5% per annum compound, until April 2038.
Highly attractive WAULT to expiry of 11.69 years (11.04 years)
to break.
Asset management opportunities to let remaining vacants
and improve the tenant mix.
Strong underlying sales generated from the majority of
key occupiers relative to costs.
THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
LOCATION BANGOR
Bangor is a historic University City located on the North
Wales coast, near the Menai Strait at the foot of the
Snowdonia National Park in the County of Gwynedd.
COMMUNICATIONS
At the heart of the City Bangor benefits from a
is the ancient St Deiniol’s mainline railway station
Cathedral, one of the a short walk from the High
oldest Cathedral sites in Street, which provides
Britain, founded in 525 regular service to Holyhead to the west
A.D. Bangor has its own Victorian Pier, (approximately 35 minutes) and Chester
which extends into the Menai Strait; to the east (approximately 60 minutes).
across the Menai Strait is the Isle of There is a direct service from Bangor
Anglesey, which is connected to the Station to London (Euston), which takes
mainland by two picturesque bridges, only 3 hours 15 minutes.
the Menai Suspension Bridge and
Britannia Bridge. Bangor has developed as a
key University City over the
The City benefits past decade with Bangor
from strong road University ranked 65th
communications, being out of 129 UK universities in the 2018
situated approximately University League Table and 3rd in
14.5 kilometres (9 miles) north of the top universities in Wales
Caernarfon and some 96.5 kilometres behind Cardiff and Swansea.
(60 miles) west of Chester. The City is Bangor University is regarded
situated just north of the junction as one of the most economical
of the A55 and the A5. The A5 links locations for a student to study
with the M54 to Telford, whilst the A55 and presently enjoys some 14,000
links with the M56 and M53 at Chester, resident students providing a healthy
providing access to the national impact upon the local economy. In
motorway network. addition, the Snowdonian mountain
area and numerous beaches on the
Llyn peninsular close by, bring tourism
to the area on a year-round basis and
especially over the summer season.
THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
SOCIO
DEMOGRAPHIC
PROFILE
The County of Gwynedd has a population of approximately
121,900 persons based upon the 2011 Census. The total
population within the Bangor primary catchment area
is 167,000.
The level of car ownership within Bangor is above average with
a broadly average proportion of multiple car owning households.
In 2010, the service sector accounted for 72% of total
employment in Bangor. Between 2000 - 2010 total employment
in Bangor increased at a faster rate than the retail Promis
average and growth and total employment to 2016 was also
significantly above average.
Significant sectors in the local employment market include
Universities and Colleges, Hospitals, Call Centres and
Telemarketing and Retail and Tourism
In 2017, the local authority reported that tourism had its most
successful year ever with expenditure in the local economy
reaching over £1bn, and over 7m people visiting the County of
Gwynedd, an increase of 3.2% on the previous year.
THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
RETAILING IN BANGOR
Bangor lies 2nd in the hierarchy of North Wales retail centres, ranking only behind Wrexham.
In town retail provision
The retail floor space in Bangor is estimated O
n a site located on the edge of the
at 0.52m sq ft and focused on the prime City Centre, Asda have a 45,000 sq ft
pedestrianised thoroughfare of High Street supermarket on Farrar Road, which has
and Garth Road. The managed floor space car park provision for approximately 300
comprises the subject property (The Menai spaces.
Centre), being the dominant retail destination
T
owards the railway station, Lidl occupy a
in the City Centre and the secondary Deiniol
14,000 sq ft supermarket with an associated
Shopping Centre, providing approximately
73 space surface car park.
50,000 sq ft of accommodation situated on
the opposite side of Garth Road.
Out of town provision
The older Deiniol Shopping Centre comprises
a covered walkway, accommodating 26 T
he out of town retail provision within
smaller retail units with a value retail offer Bangor is estimated at approximately
anchored by an Iceland Frozen Food store. 400,000 sq ft and is made up principally
The scheme has an entrance off the High of two retail warehouse parks along
Street and a 2 level basement car park of Caernarfon Road, as well as a Tesco Extra
approximately 120 spaces. food store, together with additional units
occupied by Home Bargains, B&Q, Halfords
Further along the High Street, moving away
and Dunelm.
from prime pitch, there is additional national
multiple representation, including New Look B
oth the St David’s Retail Park and Bangor
and WH Smith. Retail Park are located approximately 2
miles from the City Centre upon Caernarfon
Road, the former occupying approximately
Food store provision
70,000 sq ft of open A1 non-food
C
onvenience food representation is relatively accommodation and let to Matalan, DW
low in the City Centre, comprising an 18,500 Sports and PC World.
sq ft Marks & Spencer store at the foot of
T
he Bangor Retail Park also benefitting from
Garth Road adjacent to the subject property
open A1 non-food planning consent, is let to
multi-storey car park, which attracts
Next, Argos, Sports Direct and The Range.
significant footfall past the Garth Road
frontage as far the Iceland frozen food store
at the rear of the Deiniol Shopping Centre.
An Aldi supermarket of approximately
12,700 sq ft is located a short distance
beyond Marks & Spencer on Garth Road,
benefitting from an associated surface car
park of approximately 74 spaces.
THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
DESTINATION
SITUATION
1h 13mins (60 miles) CHESTER
1h 32mins (70 miles) LIVERPOOL
The Menai Centre 1h 52mins (96 miles) MANCHESTER
The Menai Centre is situated on the northern side of the High 2h 45mins (153 miles) BIRMINGHAM NEW STREET
Street, at it’s junction with Garth Road, the main focal point
of the City Centre and the prime retail pitch. The Centre’s 4h 55 mins (274 miles) LONDON
retail front also runs along the High Street and turns into
60mins CHESTER
Garth Road, linking into Cathedral Walk, which in turn links
into the associated multi-storey car park. 2h LIVERPOOL
BANGOR STATION
Bangor Bus Station is located opposite the property, where 2h 22mins MANCHESTER
3mins bus ride away
regular bus links are provided to local towns and villages, 2h 53mins BIRMINGHAM NEW STREET
generating footfall for the subject units along Garth Road
leading onto the High Street. 3h 15mins LONDON
See below Birds Eye drone footage of the Menai Centre. D
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THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
THE
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UNIVERSITY MENAI
CENTRE
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SHOPPING
CENTRE
BRITISH
TELECOM
BANGOR
UNIVERSITY
THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
DESCRIPTION
The property provides highly prominent, modern retail block, totalling approximately
139,218 sq ft (12,933.67 sq m) and offering clear, open plan, fully flexible retail space
in the heart of Bangor City Centre. The majority of the Menai Centre was developed
in 2008.
The accommodation comprises 22 standard retail units and 1 large store over 3 levels,
with the benefit of an associated multi-storey car park at the rear (Dean Street Car
Park), providing 417 vehicle spaces. The loading facilities are provided by the rear yard
area, accessed from the roundabout junction of Deiniol Road and Garth Road.
At High Street level (piazza level), The Menai Centre provides an attractive piazza area
with 4 smaller retail units let to Caffè Nero, Regis, 3UK and The Body Shop.
The main entrance for Debenhams department store is also provided at the piazza level,
through an imposing, double height and fully glazed entrance of approximately
45 ft (13.7 m) frontage.
There are two other prime retail units fronting the High Street, let to H&M and JD Sports,
which is separated from the piazza by 273-279 High Street, which are not included
within the ownership.
Due to level changes, units 4-17 are positioned below Debenhams, fronting Garth Road
and Cathedral Walk, the latter being directly opposite the Marks & Spencer store.
Units 4, 5, 6 and 7 are let to Select, BHF, Shop Menai, Superdrug and River Island
respectively.
Burger King, Poundland, [my] Dentist and Yugen Coffee occupy units 11, 12, 13, 14 & 16.
The remaining units along Garth Road are vacant, also with good tenant interest.
At first floor level, additional storage and office space is provided for Debenhams
(LSU1) and the currently vacant LSU2. Proposals to access LSU2 via an escalator
and a lift have been provided for in the construction of the asset. There is demand
from both gym and leisure occupiers for this accommodation.THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
DEAN STREET
(MENAI)
CAR PARK
The property also includes the 4 level 417 space multi-
storey car park of concrete and steel construction,
located immediately to the north of the Centre.
Vehicular access is from the north via Dean Street with
pedestrians then exiting south, directly towards the
Menai Centre via Cathedral Walk. The car park is held
long leasehold from Bangor City Council by way of a
150 year term, with effect from 29th January 2007, at
a headrent of £82,500 per annum, reviewed five yearly
upward only based upon greater of annual indexation
of 2.5% per annum and RPI increase. The 2017 review
remains outstanding.
Following professional advice the vendor installed six
new parking machines and commenced charging which
began May 2017. The target income of £140,000 per
annum was based upon achieving variable tariff rates set
out below assuming the use of 225 of the 417 spaces.
Monday - Sunday
£0.5 / 0-1 hours
£1 / 1-2 hours
£2 / 2-4 hours
TENURE
£3 / up to 12 hours
At this point, the revenue generated from the new
regime is on track to achieve the targeted income of
£140,000 per annum. Whilst the car park still produces
a landlord shortfall (based upon annual costs of The Menai Centre Freehold (edged red)
£188,777 per annum) it is the view of the vendors car
park specialists that over time the shortfall will continue
The Menai Centre
to be eroded and the car park will become a positive Leasehold (edged blue)
Car Park
income generator. Further information in respect of the
breakdown of these figures is available upon request.THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
TENANCIES
& INCOME £1,600,000
Lease Contracted Income Scenario
(excluding car park)
ANALYSIS £1,400,000
£1,200,000
£1,000,000
The Menai Centre currently produces a total gross rental £800,000
income of £1.53m per annum (net operating income of 1.30m
per annum) from a strong representation of national retailers £600,000
with 42.6% derived from Debenhams department store by £400,000
gross income (50.1% by net income), who anchor the asset.
£200,000
The subject anchor store is let to Debenhams Properties Limited £0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
on a lease with effect from 7th April 2008 at a current rent of Year
£652,838 per annum (effective as at 7th April 2018) and expiring
on 6th April 2038 (20 years unexpired). Debenhams have been
in occupation and paying rent since 2008.
The rent is subject to 5 yearly fixed increases, which equate to UNIT TENANT
PERCENTAGE OF
D&B RATING RISK RATING/COMMENTS
INCOME
approximately 2.5% per annum compound throughout the term.
Department
Debenhams Properties Ltd 42.63% 5A1 Minimum Risk
07/04/2018 - £652,838 store
07/04/2023 - £738,626
13 Poundland Ltd 9.14% 4A1 Minimum Risk
07/04/2028 - £835,688
07/04/2033 - £945,504 6 Superdrug Stores Plc 5.22% 5A1 Minimum Risk
JD Sports Ltd
The remaining premises are multi-let to national retailers of 281 High Street
(JD Sports Fashion PLC)
4.57% 5A1 Minimum Risk
significant covenant strength as set out below. The property has
an average weighted unexpired lease term of 11.69 years 3 The Body Shop International PLC 3.92% 5A1 Minimum Risk
to expiry and 11.04 years to break.
7 River Island Clothing Co. Ltd 3.26% 5A1 Minimum Risk
The top 5 tenants by gross income represent 65.5%. 80% of the
1 Nero Holdings Ltd 3.26% 5A1 Minimum Risk
total gross income is secured against tenants with a minimum
risk of business failure.
20/21 H & M Hennes & Mauritz UK Ltd 2.30% 5A1 Minimum Risk
5 British Heart Foundation 1.96% 5A1 Minimum Risk
3 UK Retail Limited (3UK) Lower than avergae risk
2 1.96% (3UK) H2 (Hutchison) 5A1
(Hutchison 3G UK Ltd) (Hutchison) Minimum Risk
1A Regis UK Limited 1.76% 4A1 Minimum RiskTHE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
OCCUPATIONAL
GUARANTEES
The vendor is proposing to provide a 12 month insurance
and service charge only guarantee against vacant units
8& 9 Garth Road. The units have not been assessed for
rates and do not carry a rates liability.THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
ANC = ANCILLARY
BSMT = BASEMENT
GRND = GROUND
TENANCY SCHEDULE
ADDRESS & OCCUPIER AREAS (SQ FT) LEASE DETAILS INCOME
UNIT TENANT TRADING GRND ITZA GRND FIRST FIRST BSMT TOTAL LEASE EXPIRY NEXT BREAKS CURRENT ZONE RENTAL RENTAL LANDLORD COMMENTS
AS FLOOR FLOOR FLOOR FLOOR ANC AREA START DATE REVIEW RENT £ PA A/ PSF VALUE VALUE SHORTFALL
SALES ANC SALES ANC RATE £ PA £ PA
1 Nero Caffe Nero 1,276 940 - - 300 - 1,576 16/08/12 15/08/22 £50,000 £53 £47,500 £50
Holdings Ltd
1A Regis Uk Regis Uk 663 595 - - - - 663 19/09/14 18/09/24 19/09/2019 19/09/20 £27,000 £45 £27,000 £45
Limiited Limiited
2 3 UK Retail 3 Store 649 545 198 - - - 847 03/03/18 02/03/23 £30,000 £55 £28,250 £50 Lease renewal in lawyers hands.
Ltd
3 The Body The Body 777 674 - - 792 - 1,569 03/03/08 02/03/18 £60,000 £86.60 £35,300 £50 Lease renewal negotiation on going.
Shop Shop
International
Plc
4 Genus Uk Select 4,009 1,759 1,708 - - - 5,717 23/04/15 22/04/25 22/04/20 22/04/20 £75,000 £40 £75,000 £40 Select have recently entered a CVA.
Limited This store is a category 4 store and
75% rent reduction is sought. There
is strong interest from loungers.
5 British Heart British 1,379 804 214 - - - 1,593 06/01/17 06/01/27 27/12/2021 £30,000 £36.60 £32,700 £40
Foundation Heart
Foundation
5A D Chubb Shop Menai 494 387 - - - - 494 01/06/16 31/05/26 05/07/21 01/06/21 £18,500 £47.80 £15,480 £40
6 Superdrug Superdrug 4,254 1,403 1,606 - - - 5,860 12/05/18 11/05/23 £80,000 £54 £60,135 £40
Stores Plc
7 River Island River Island 5,798 1,726 - - 1,515 - 7,313 25/05/16 24/05/21 £50,000 £27.20 £72,070 £40 £15,719.49 Rental based upon 7% of gross turn
Clothing Co. Clothing Co. over inclusive. Audited turnover
Ltd Ltd certificate awaited.
8 Vacant 2,988 1,200 - - - - 2,988 £48,000 £40 Vendor occupational cost guarantee.
9 Vacant 1,915 863 - - - - 1,915 £34,500 £40 Vendor occupational cost guarantee.
10 Under offer to Regatta 2,174 1,001 - - - - 2,174 £40,000 £40 Unit currently under offer on
Regatta the basis of 2 year lease with
occupational costs only.
11 U/O Burger King 2,232 1,284 - 2,232 11/01/15 10/01/35 11/01/30 £35,000 £27.25 £45,000 £35 T/O top up 7% gross sales over
Powerbanks 500k.THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
ADDRESS & OCCUPIER AREAS (SQ FT) LEASE DETAILS INCOME
UNIT TENANT TRADING GRND ITZA GRND FIRST FIRST BSMT TOTAL LEASE EXPIRY NEXT BREAKS CURRENT ZONE RENTAL RENTAL LANDLORD COMMENTS
AS FLOOR FLOOR FLOOR FLOOR ANC AREA START DATE REVIEW RENT £ PA A/ PSF VALUE VALUE SHORTFALL
SALES ANC SALES ANC RATE £ PA £ PA
12 U/O Burger King 1,421 1,066 185 - - - 1,606
Powerbanks
13 Poundland Poundland 3,467 1,735 1,793 - 5,260 16/06/08 15/06/18 £140,000 £78 £65,200 £35 Renewal discussions ongoing.
Ltd
14 Whitecross [my] Dentist 2,722 1,147 840 - - - 3,562 22/04/13 21/04/23 22/04/18 £30,000 £26 £30,000 £26 £3,373 £3,500 + RPI service charge cap.
Dental Care
Ltd.
15 Vacant Vacant 1,457 737 - 1,139 - - 2,596 £0 £12,500 £5,274
16 Mr G Linn Yugen 442 442 - - - - 442 20/10/17 19/10/22 £8,000 £11 £8,000 Coffee / Deli Operator
Coffee
17 Vacant Vacant 304 304 - - - - 304 £0 £16 £6,000 £20 £946
20 & H&M H&M 4,523 1,840 - 2,861 1,444 - 8,828 02/12/10 01/12/20 02/12/15 £35,230 £76,500 £40 £18,476 £4,582.23 service
21 Hennes & Hennes charge cap. Rent calculated on 5%
Mauritz UK of gross turn over £704,604.88 for
Ltd FYE 2017.
LSU 1, Debenhams Debenhams 46,564 - - - 10,628 - 57,192 07/04/08 06/04/38 07/04/18 £652,838 £11.40 £458,000 £8 Fixed uplifts
Menai Properties Ltd 07/04/2018: £652,838
Centre 07/04/2023: £738,626
07/04/2028: £835,688
07/04/2033: £945,504
LSU 2, Vacant Vacant 232 - - 21,024 - - 21,256 17/05/22 16/05/27 £0 £0 £0 £48,806 Interest from
Menai Anytime Fitness
Centre
281 JD Sports Ltd JD Sports 2,013 962 448 - - 770 3,231 10/03/12 09/03/22 £70,000 £71 £40,000 £40
High
Street
Car Car £140,000 £140,000 £47,482 Held leasehold at a head rent
Park Park of £82,500 for 150 years from
29/01/2007. Current annual running
costs of the car park of 187,482,
generating a 47,482 landlord
shortfall based upon income
of 140,000 and assuming the
2017 head rent review settles at
92,045.74 pa. Further information
available upon request.
Total 91,753 139,218 £1,531,568 £1,397,842 £141,076
Landlord Shortfall £141,076
Net Operating Income £1,390,492THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
RENTAL TONE
The property has been substantially rebased to a defensive
rental tone in the order of £40 ZA on the Garth Road frontage.
In addition to a low service charge, we consider the rents to be
highly affordable and capable of medium term improvement.
SERVICE CHARGE
& SHORTFALLS
The estimated total service charge budget for 2018/2019 is
£287,736, representing an overall rate per sq ft of £2.07.
There are presently a small number of landlord’s service charge
shortfalls which are highlighted in the tenancy schedule.
CAPITAL
ALLOWANCES
Any unclaimed capital allowances will be passed on to the
purchaser, subject to further verification.THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
ASSET
MANAGEMENT
INITIATIVES
The asset presents an excellent opportunity to acquire
a significant, modern, prime retail holding in the heart
of the City of Bangor with excellent underlying income
secured against national retailers, with the anchor store
benefitting from fixed rental uplifts and an unexpired
lease of 20 years, providing 50.1% of the current total
net operating income. Additionally, the asset provides
the opportunity to:-
Let the remaining vacant accommodation along Garth
Road, ideally to further A3 occupiers, to compliment
the success of Burger King and benefit from the strong
student and tourism footfall.
Conclude a letting upon LSU2, which will further
enhance the occupational mix from the subject
property and assist the A1 and A3 retailers alike.
Improve the operational efficiency of the subject
property multi-storey car park (the prime car park
within the City Centre) and reduce the landlord’s
irrecoverability in this respect, thus improving the NOI
position (further information in relation to the car park
available upon request).
EPC
Energy Performance Certificates (EPC) are
available upon request.THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX
VAT
It is proposed the sale will be treated as a
Transfer of a Going Concern (TOGC).
MARKETING
LINK
See below Birds Eye drone footage of the
Menai Centre.
https://www.birdseyeviewpro.co.uk/our-work/
menai-centre-bangor/
CONTACT
For further information please contact
Jonathan Milburn
020 7637 7100
jonm@jacksoncriss.co.uk
Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of
intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) 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 but any intending purchasers or tenants should not rely on them as statements of representations of fact but satisfy themselves
by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in
relation to this property. 100399. Designed by TCC. 03/18.You can also read
