Location
Bangor
is an historic University City located on the North Wales coast,
approximately 9 miles north of Caernarvon and 50 miles west of
Chester. The city is situated just north of the junction of the A55
and the A5. The A5 links with the M54 whilst the A55 links with the
M56 and M53, providing access to the national motorway network.
The city benefits from a mainline
train station which provides a regular service to Holyhead in the
west in approximately 35 minutes and Chester to the east in
approximately 60 minutes. A direct journey to London Euston takes
only 3½ hours.
Bangor lies 2nd in the hierarchy of
north Wales centres. The total population within the Bangor
primary catchment area is 166,000 which ranks it significantly
above the Small Centre average (PROMIS).
The city has developed over the past decade as a result of the
growth of Bangor’s University. Indeed the University is regarded as
one of the most economical locations for a student to study in the
UK and with some 16,500 students studying. This additional
population provides a positive impact upon the local economy.
Furthermore the Snowdonia mountain area and numerous beaches on the
Llyn Peninsular are close by, bringing in tourists to the area on a
year round basis and especially over the summer season.
Situation
The
subject property is situated on the eastern side of the prime
pedestrianised High Street, that runs from the east to the west of
the city centre with the bulk of the high street multiples located
around the Menai Shopping Centre and the Deiniol Centre, virtually
opposite.
There is strong representation from
national retail multiples along the High Street including Boots,
HSBC, Clarks, Barclays, Lloyds TSB, JD Sports and TopShop. The
Menai Shopping Centre, diagonally opposite, comprises a newly built
retail development anchored by Debenhams with additional retailers
including River Island, Superdrug, Poundland, Body Shop, 3 Store
and H&M. The older Deiniol Centre comprises a covered shopping
centre with occupiers including H Samuel, Vodafone, Clintons,
Wallis, Iceland, Bon Marche and Specsavers.
There are three large multi-storey car
parks providing approximately 850 parking spaces within
approximately a 250 metre radius of the subject property. Located a
short walk from the subject property is Bangor Bus Station where
regular bus links are provided to local towns and villages,
generating footfall for the surrounding retail pitch.
Bangor Retail
Market
Retail floorspace in Bangor is estimated at
0.52 million sq ft, comparable to the Small Centre average
(PROMIS). Bangor scores 80 on the PMA Retail Provision Indicator
and 39 on the PMA Fashion Score. The town scores 8 on the PMA
Anchor Stores Indicator, above the Small Centre average.
The Menai Centre which was redeveloped
some four years ago to provide some 180,000 sq ft of modern retail
accommodation significantly strengthened the city’s retail offer.
The scheme is anchored by a 60,000 sq ft Debenhams department
store, along with Superdrug, Body Shop, 3 UK, River Island and
recent arrival H&M. Marks & Spencer are also located in
Garth Road close by.
Despite the challenging retail
economy, prime retail units have continued to be let in Bangor with
Boots relocating to the former Woolworths, Republic leasing the
former Boots store and H&M opening last December at 283 High
Street.
Within the subject premises the former
Game unit at 266 High Street is to be let to Greggs PLC on a new 10
year lease. The 12 month rent free was paid by the outgoing tenant.
Opposite, Holland & Barrett have also completed a new
reversionary lease on their existing store extending their term to
14 years. These demonstrate the location's attractiveness to
leading retailers.