Location
Bangor is
an historic University City located on the North Wales coast,
approximately 9 miles north of Caernarvon and some 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 with over 10,000 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 western 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 nearby Menai Shopping Centre and the Deiniol Centre.
There is strong national retail multiple
representation along the High Street including Boots, HSBC, Clarks,
Barclays, Lloyds TSB, JD Sports, Greggs, WH Smiths and TopShop in
the subject holding. The Menai Shopping Centre located nearby
comprises a newly built retail development anchored by Debenhams
along with 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 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 was redeveloped in 2007
to provide some 180,000 sq ft of modern retail accommodation and
significantly strengthened the core of the city’s retail offer,
with the scheme anchored by a 60,000 sq ft Debenhams department
store, along with Superdrug, Body Shop, 3 UK, River Island and
recent arrivals H&M. Marks & Spencer have also taken
a new supermarket in Garth Road close by.
Despite the challenging retail economy
that the UK faces, 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 Holland &
Barrett have recently signed a new 10 year reversionary lease,
extending their term to 14 years without break. This helps to
demonstrate the strong pitch and the city’s attractiveness to
leading retailers to trade at the rebased rental levels. It also
confirms that the subject properties are broadly rack rented.