Bangor Retail Park up for sale at £11.1m
Paloma Capital has instructed agent Park Place to find a buyer for the North Wales asset, where The Range is the largest tenant.
The scheme off Caernarfon Road is described by Park Place Retail as Bangor’s prime retail warehousing provision.
At around 62,000 sq ft, the asset comprises a purpose-built terrace of three retail warehouse units let to Next, Sports Direct, and Argos, along with a larger unit occupied by The Range. The park has a weighted average unexpired lease term to expiry of 9.7 years.
Rents average slightly more than £15/sq ft, with “various asset management angles available to a purchaser”. Plans for a drive-thru unit were submitted in 2023, with Starbucks now operating at the site.
Park Place is seeking offers in excess of £11.1m, subject to contract and exclusive of VAT. This would reflect a net initial yield of 7.75%, assuming purchaser’s costs of 7.6%.
Paloma acquired Bangor Retail Park in September 2021.
The warehouse occupied by Range appears to be in poor condition externally. It will soon need re-cladding.
By Anonymous