Retail property (high street) for sale

Interested parties should contact Knight Frank Auctions for further information.

Description
Deiniol Shopping Centre provides a community, high street Shopping Centre in the heart of Bangor. The scheme provides approximately 5,257 sq. m (56,585 sq. ft) of Class E accommodation, arranged over two floors. The ground floor comprises retail and leisure units, whilst the upper floor provides further retail and ancillary storage accommodation. It benefits from two pedestrian entrances, one either side of the centre, at the High Street (near the Clock Tower) and Waterloo Street.

Within the ownership, is an inter-connected two-storey (basement and ground) car park, which is accessed via Waterloo Street and provides 123 spaces (including EV and disability).

The site area is approximately 1.21 acres. Plans forming part of the marketing particulars are for illustrative purposes only. Interested parties are advised to refer to the plan(s) in the legal pack.

Tenancy
A summary of the current tenancy position is below. For a full copy of the current tenancy schedule and the service charge budget/expenditure, please contact [use Contact Agent Button]
29 Class E units (including 2 kiosks)
Additional Class E and ancillary storage on the first floor
123 income producing car parking spaces
Tenants include Specsavers, Vodafone, EE, Card Factory and Vision Express
87% let by floor area
55% of the gross income is secured against national covenants
Gross income of £343,241.06 per annum
Net operating income (after landlord's shortfalls) of approximately £181,961.56 per annum

Service Charge
The service charge is £155,435 per annum (£2.75 per sq. ft)

VAT
VAT is applicable

The property offers a number of exciting asset management opportunities, including re-gearing and letting vacant units to improve the income stream. The property may also offer development potential for a variety of uses (subject to the existing leases and obtaining the requisite consents).

Knight Frank have not measured the property or reviewed the tenancy agreements. Information has been provided by the vendor and interested parties are advised to review the legal pack, together with relying on their own enquiries.

Location
Bangor is situated on the North-West Welsh coastline, lying approximate 9 miles north-east of Caernarfon, 18 miles south-west of Colwyn Bay and 50 miles west of Chester. Bangor has access to the rest of North Wales and the North West via the A55 Expressway which connects to the M56.

The Shopping Centre occupies a broadly rectangular site, between the High Street and Bangor University. It lies approximately 0.5 miles from Bangor Railway Station, which provides both local and national services. Occupiers close by includes M&S, Aldi, JD Sports and Boots.

Occupancy
Tenanted

Tenure
Freehold

Buyers Fee
The buyers fee is £1950 including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property.

Auction Details
The sale of this property will take place on the stated date by way of and is being sold as Unconditional.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to the Common Auction Conditions and Extra General Conditions.

Auctioneer Fees and Deposit
The following deposits and non-refundable auctioneer fees apply:

• 10% deposit, subject to a minimum of £5,000. The deposit contributes to the purchase price.
• Buyer’s Fee- the value of this fee will be listed against the property details, inclusive of VAT.

The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
There may be additional fees contained within the Special Conditions of Sale, which can be viewed within the Legal Pack. You are strongly advised to read the Legal Pack carefully before bidding.

Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack.

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.