Land at, Cyttir Lane, Bangor, Gwynedd, LL57 4SU

Long income drive-thru investment

Property details

Type Land/Development
Tenure Freehold.
Price Offers in excess of £450,000
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  • Land site measuring approximately 0.5 acres (currently producing £10,200 PA)
  • Planning approved for a purpose-built drive through totalling 1,800 sq ft GIA
  • Agreement for lease with Costa Ltd for £81,000 PA over 15-year term
  • Buyer to carry out shell construction prior to lease commencement
  • Freehold – offers in excess of £450,000

The development site amounts to an area of c.0.2 hectares (0.5 acres) and is located on land to the rear of Harveys New York Bar & Grill. The site is bound by rock face to the north and east, a stone bund to the south and retaining wall along the western boundary. The development will comprise a new single storey purpose-built detached unit with a target area of 1,800 sq ft (GIA), a drive-thru lane and customer parking, designed and delivered specifically to meet Costa Coffee corporate branding style and operational requirements. The associated parking provision is for 33 car parking spaces.

Full details and breakdown of proposed build costs based on a 22-week shell construction program are available upon request .

Bangor is a cathedral city and university city in Gwynedd, North Wales. It is the oldest city in Wales. Historically part of Caernarfonshire, it had a population of 18,322 at the 2019 UK Office for National Statistics. Bangor railway station, which serves the city, is located on the North Wales Coast Line from Crewe and Chester to Holyhead. The A55 runs immediately to the south of Bangor, providing road transport to Holyhead in the west and Chester to the east. The nearest airport with international flights is Liverpool John Lennon Airport, 83 miles away by road. The development is situated within Bangor’s main established retail warehouse pitch, which fronts the A4087 Caernarfon Road. The subject property is strategically situated directly off Cyttir Lane, behind The Range retail warehouse (part of the Bangor Retail Park) and opposite the Tesco Extra supermarket. The site has shared access with Harveys New York Bar & Grill. Other nearby occupiers include KFC (new build), Next , Argos, Sports Direct and B&Q. Just a short distance north east of the property, along the Caernarfon Road, is the Menai Retail Park which is host to Currys / PC World, Carpet Right, T K Maxx and Pets at Home.
The property will be let to Costa Limited (Company Number: 01270695). Costa Limited have a CreditSafe Rating of 80 out of 100, reflecting a ‘Very Low Risk’ of business failure.

The lease will commence from practical completion for a term of 15 years, with a tenant only break option upon expiry of the 10th year (subject to 6 months notice). The initial rent will be £81,000 per annum (exclusive). The tenant has been granted 6-months rent free which will be topped up by the vendor. There will be guaranteed upward only rent reviews on the 5th and 10th anniversaries of the term, compounded annually, in line with CPI (subject to a cap of 3% and a collar of 1%). There will be a small estate service charge payable by the tenant
Offers in excess of £450,000 are sought for the freehold interest.
On 21st March 2022 , under application number C21/0750/25/LL, planning permission was granted for the erection of a coffee shop with drive thru facility together with
associated car parking, access, landscaping and associated works. Copies of all
supporting documentation are available upon request.
We are advised that VAT is payable in addition to the purchase price.
Not applicable.
Legal Costs
Each party is to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.