262-266 High Street, Bangor, Clwyd, LL57 1NY

Acuitus Auction: 24/05/2012

Sold Prior

LOT 35

Rent: £105,900 per Annum Exclusive

Freehold Retail Investment

On behalf of Mark Robert Fry and Nigel David Nutting of Begbies Traynor appointed as Joint Administrators (in Administration)

Tenants include W H Smith plc and Greggs plc
Prime position on pedestrianised High Street
Opposite to Menai and Deiniol Shopping Centres
Nearby occupiers include Barclays, Boots, Lloyds TSB, TopShop and Debenhams
Six Week Completion Period Available

John Mehtab|Tel: +44 (0)20 7034 4855|Email: john.mehtab@acuitus.co.uk

Peter Cunliffe|Tel: +44 (0)20 7034 4852|Email: peter.cunliffe@acuitus.co.uk

View Tenancy Schedule

Location

Miles: 9 miles north-east of Caernarfon, 20 miles south-west of Colwyn Bay, 60 miles west of Chester
Roads: A5, A55
Rail: Bangor Rail
Air: Liverpool John Lennon Airport

Situation

The property is situated in a prime position on the eastern side of the pedestrianised High Street. The Menai Shopping Centre, with occupiers such as River Island, Superdrug, H&M and Debenhams, is close by while opposite the property is the Deiniol Shopping Centre including H Samuel, Vodafone and Clinton Cards other retailers include Barclays, HMV, Boots, Lloyds TSB, TopShop and Holland & Barrett.

Tenure

Freehold.

Description

The property is 3 prominent and adjoining retail buildings comprising retail accommodation on the ground floor and ancillary accommodation on the first and second floors. The tenants of 264 and 266 do not currently occupy the second floors.

Note:
The property is being instructed on behalf of Joint Administrators and therefore no warranties, representations or guarantees in any respect, including in relation to VAT, can be given. The Joint Administrators are not bound to accept the highest or any offer and are acting without personal liability.

VAT

VAT is not applicable to this lot.

ARRANGE FINANCE

CONTACTS

Acuitus

: John Mehtab Tel: +44 (0)20 7034 4855
Email: john.mehtab@acuitus.co.uk
: Peter Cunliffe Tel: +44 (0)20 7034 4852
Email: peter.cunliffe@acuitus.co.uk

Joint Auctioneer

Capita Symonds

125 Shaftesbury Avenue
London
WC2H 8AD

Andrew Inglis
Tel: +44 (0)20 7544 2000
Email: andrew.inglis@capita.co.uk

Solicitors

Eversheds

Eversheds House, 70 Great Bridgewater Street
Manchester
M1 5ES

Michael Buchanan
Tel: +44 (0)161 831 8124
Email: michaelbuchanan@eversheds.com

Kate Spark

TENANCY & ACCOMMODATION
Address	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
264 High Street	Ground First	Retail Ancillary	220.92 sq m 91.88 sq m	(2,378 sq ft) (989 sq ft)	W H SMITH PLC (1)	15 years from 28/03/2006	£67,500	2011 and 2016
	Second	Unused
266 High Street	Ground First	Retail Ancillary	76.74 sq m 65.31 sq m	(826 sq ft) (703 sq ft)	GREGGS PLC (2)	10 years from 18/11/2011	£38,400	2016 (3)
	Second	Unused
262 High Street	Ground First Second	Retail Ancillary Ancillary	148.64 sq m 196.49 sq m 95.69 sq m	(1,600 sq ft) (2,115 sq ft) (1,030 sq ft)	CATHCO PROPERTY HOLDINGS LTD (in administration)	999 years from completion	Peppercorn	N/A
	Second	Unused
	Totals		895.67 sq m	(9,641 sq ft)			£105,900

(1) For the year ending 31st August 2011, W H Smith plc reported a turnover of £1,273,000,000, pre-tax profit of £93,000,000 and total net worth of £100,000,000. (Source: www.riskdisk.com 23/01/2012).
(2)For the year ending 1st January 2011, Greggs plc reported a turnover of £662,326,000, pre-tax profit of £52,523,000 and total net worth of £175,794,000 (Source: www.riskdisk.com 23/04/2012).
(3)As to No. 266 High Street the lease provides for a tenant option to determine at the 5th year of the term on a 6 month written notice.

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The purchaser of each lot is deemed to purchase with notice and full knowledge of the important notice to bidders, the common auction conditions, the special conditions of sale and verbal or written addenda.

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