Tenants at the Menai Centre include Debenhams, River Island, H&M, JD Sports and Superdrug.
The adjacent multi-storey Dean Street (Menai) Car Park was included in the sale. The car park has 417 parking spaces, and is held on a 150 year lease from Gwynedd Council.
We recommended and executed a range of pre-sale asset management initiatives to create the most marketable investment product and maximise potential sale proceeds. The formal marketing campaign to dispose of the property began in October 2012, with a quoted price of £15,350,000.
After a series of offers and an aborted negotiation, we secured an increased offer from an institutional investor in November 2013. We finalised Heads of Terms, and oversaw the transaction through to exchange of contracts and successful completion in January 2014.
The sale price was £16,000,000, reflecting a net initial yield of 8.03% on the Menai Centre, after allowing for income shortfalls due to vacant units.