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 On 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 Towards 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 The 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 Both 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 Convenience 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 The 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 1h 13mins (60 miles) CHESTER SITUATION 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 2h 22mins MANCHESTER Bangor Bus Station is located opposite the property, where 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 D A See below Birds Eye drone footage of the Menai Centre. O Car S R T R E Park Y D G D E Y L Bangor D L F E F O Conway Bay O O T RD C University N E D M&S E R D CA W T A E P E S O R LL H R G ST G S G D Y RT A T I EA B E G R R H T YH I LB LE E S OL A O T ET T H C H N 5 U Y R O A D M I O D R A A THE O D F D N F R PLAY VIDEO E T L MENAI M A A R F H IL N CENTRE Bangor D L E F S F T P O O H R R Mountain R E D D W G T O W N L A Y L N CI Y E T D N D K T E HE SC D R CRE L A L A HI O P V E I ON R C U A F I A N TO R L E R R N V I O A A O GLA I I D T A R IN N C E H I E E V M O D T L EE V R IC T T S O H R IG IA H T Menai E E R T Enterprise S ED DO H D G I D I FR Centre A F O H S R E PA T L E IL LL A V E K A T C AC I S O N R O A D Y T B B O I SH O P P S M N I LL O R L O A T D E E C ON R VE T S N T L H AN E IG H L O N M E L Y I T N B E O E U P S Bangor N G S O T H L O St Deiniol O IG R N H ST B Gwynedd Golf Course SITE PLAN First Floor YUGEN COFFEE [MY] DENTIST UNDER OFFER Second Floor THE MENAI CENTRE | BANGOR | NORTH WALES | LL57 1DX THE BANGOR UNIVERSITY MENAI CENTRE H IG H S T MENAI CENTRE R EE CAR PARK T Aldi M&S AD RO RTH GA DEINIOL 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.