Business rescue and recovery specialist, Begbies Traynor Group, as administrator to Cathco Property Holdings Limited (in administration), has completed the sale of the Menai Centre (Canolfan), in Bangor, North Wales, to a UK institutional investor.
The freehold Menai Centre is the prime, dominant shopping centre in Bangor and provides some 139,200 sq ft of retail and ancillary accommodation. The scheme was majority developed in 2008 and is anchored by a 57,200 sq ft Debenhams store, with other key occupiers including River Island, H&M, JD Sports, Superdrug and Poundland. The adjacent multi-storey Dean Street (Menai) Car Park, is held by way of a 150 year lease from Gwynedd Council, and was included within the sale.
The sale price of £16,000,000 reflected a net initial yield of 8.03% on the Menai Centre, after allowing for income shortfalls due to vacant units etc.
The vendor was advised by Capita and the purchaser was represented by Jackson Criss.
Over the past 12 months, the market has displayed increasing investor demand for this type of shopping centre, providing the solid fundamentals of local dominance, modern construction, effective tenant mix and genuine asset management opportunities.
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