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Summary
- Prominent corner position in Bangor town centre
- Significant Government investment at the nearby Manai Shopping Centre with the development of a Health and Wellbeing Hub (£30m investment).
- 8 residential apartments
- Shop let to strong covenant, Sense (Total Funds £50.76m)
- Shop tenant has not exercised break option for October 2025, showing commitment to the unit
- Freehold
- £635,000, subject to contract
- 10.05% True Net Initial Yield
Location
The Cathedral and University City of Bangor is located in North-West Wales, approximately 96 km (60 miles) west of Chester and 100 km (62 miles) north-west of Wrexham. The city is also within easy reach of Liverpool and Manchester.
The city benefits from good road communications, being served by the A5 and A55 which links with the M56 Motorway to the east. Bangor is also connected with to the national railway network with a fastest journey time to London Euston of 3 hours and 38 minutes.
Situated on the doorstep of the Snowdonia National Park and with beaches, areas of natural beauty and family attractions in close proximity Bangor is a popular tourist destination, particularly in the summer months.
Bangor University has over 10,000 students and contributes significantly to the local economy. It has been named Welsh University of the Year in the Daily Mail’s University Guide 2024 and was ranked 44 in the UK in The Times & The Sunday Times Good University Guide 2024.
Situation
The property occupies a prominent corner position on Waterloo Street in the heart of the city centre. The Deiniol Shopping Centre is positioned to the rear, and the Menai Shopping Centre close to the east of the property along the High Street.
Nearby occupiers include Clarks, Santander, Pandora and The Works.
Town Centre Developments:
A major boost to Bangor is underway with a planned new Health and Wellbeing Hub. A further development in the town centre reflects increased optimism in the location’s growth prospects.
Description
The property comprises a high-quality residential development providing 8 studio apartments, all with their own bathrooms, above a retail unit. The residential area is self-contained with an entrance on Waterloo Street. It is of steel frame construction with brick infill walls, rendered elevations and a concrete roof overclad with felt.
