Shopping centre in North Wales gets guide price slashed for auction

A shopping centre has had its guide price slashed as it heads to auction. Deiniol Shopping Centre lies in the heart of Bangor, where the city centre has been badly hit since the pandemic.

Tenants include Specsavers, Vodafone, EE, Card Factory and Holland & Barrett. It was sold at auction back in 2019 for £1.37m but went back up for sale last year with a £1.1m guide price.

Now the centre is set for auction again on July 11 with Knight Frank. The 56,000 sq ft site with 29 units now has a knock-down guide price of £750,000.

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Knight Frank said: “Deiniol Shopping Centre provides a community, high street Shopping Centre in the heart of Bangor. The scheme provides approximately 5,257 sq. m (56,585 sq. ft) of Class E accommodation, arranged over two floors.

“The ground floor comprises retail and leisure units, whilst the upper floor provides further retail and ancillary storage accommodation. It benefits from two pedestrian entrances, one either side of the centre, at the High Street (near the Clock Tower) and Waterloo Street.

“Within the ownership, is an inter-connected two-storey (basement and ground) car park, which is accessed via Waterloo Street and provides 123 spaces (including EV and disability).”

They said that 87% of the site is let (by floor area) and it has a gross income of £343,241.06 per annum The net operating income (after landlord’s shortfalls) is approximately £181,961.56 per annum.

More on the listing here.

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