Park Place Retail are marketing this freehold retail warehouse investment opportunity situated in the university town of Bangor on the north west coast of Wales, 60 miles west of Wrexham and 95 miles west of Manchester, connecting to the north of Wales and England by the A55/North Wales Expressway. This scheme is situated in the heart of Caernarfon Road, Bangor’s prime retail warehousing destination, and comprises 2 purpose built retail warehouse units let to B&Q and Halfords comprising approximately 54,777 q ft (5,098 sq m), with a current rent passing of £626,295 per annum providing a low annual rental rate of £11.43 per sq ft, with a WAULT to expiry of 11.1 years (9.5 years to break).
We are instructed to seek offers in excess of £8,321,000 (Eight Million, Three Hundred and Twenty One Thousand Pounds), for the freehold interest in the property, subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 7.00% and a reversionary yield of 7.34% based on our opinion of ERV, assuming purchaser’s costs of 7.53%.
For further information, please contact:
Paul Wilkinson | 07770 585 313 | paul.wilkinson@parkplaceretail.co.uk
Graham Lind | 07917 730 051 | graham.lind@parkplaceretail.co.uk
Investment sale of B&Q & Halfords in Bangor
