'Sharpened focus' for Market Hall as owners to sell Welsh shopping centre
The Menai Centre, owned by Bearmont Capital, will go to auction with Savills on June 17 with a guide price of £4.2m.
Bearmont Capital, the leaseholder that took over Carlisle's Market Hall in December last year amid concerns about the historic site's future, has a portfolio focused on "rejuvenating undervalued shopping centres, enhancing footfall and tenant mix to create sustainable retail spaces."
Carlisle's Market Hall first opened in 1889 (Image: Stuart Walker)
The Llandudno-based company took on The Menai Centre in Bangor in 2023.
Rob Lloyd, CEO of Bearmont Group and former Channel 4 Secret Millionaire, said the decision to sell marks the natural conclusion of the company's original investment programme for the site.
"The Menai Centre was always a longer-term investment, and we're incredibly proud of the progress made since acquiring it in 2023," he said.
"At that time, the 130,000 sq ft building was approximately 80 per cent vacant, having lost major tenants like Debenhams and H&M during the pandemic.
"Since then, Bearmont Capital has invested significantly in breathing new life into the site - attracting new occupiers, securing long-term tenancies, and working closely with partners to support a key regeneration scheme in Bangor.
"Today, the centre is virtually fully occupied, playing a renewed role in the local economy," he said.
Among the 'significant milestones' at the site is said to be the transformation of the former Debenhams unit into a health and wellbeing hub, developed in partnership with Cyngor Gwynedd and the Betsi Cadwaladr health board, and backed by Welsh Government funding.
"We've successfully delivered on everyone's wants, needs and aspirations in bringing that hub to life, and it stands as a great example of how we want to work: in true partnership with local authorities to drive real community value," Rob said.
"That same collaborative approach is exactly what we're looking forward to continuing with Cumberland Council."
In Carlisle, the Bearmont Group has so far completed external restoration efforts to the covered market , which first opened in 1889, and yesterday (May 30), welcomed B&M into the 20,487sq ft vacant space which was formerly occupied by Wilko.
"Since purchasing The Market Hall, we've already completed phases one to three of investment and welcomed B&M this morning into a fully refurbished, bright, and impressive new store.
B&M moves into former Wilko unit in Carlisle (Image: NQ)
"A second new retailer is due to open in Units 5 and 6 next week.
"It's an exciting time with real momentum behind the scheme, and we remain committed to delivering long-term, sustainable improvements across all our sites," Rob said.
Phase four of investment into the site, which includes refurbishing the old toilet block, is currently ongoing with Bearmont working with local contractor Cubby Construction.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
Night Sky: How noctilucent clouds are made and Wales' space progress
This week saw a wonderful display of noctilucent clouds across the region as last Sunday evening's skies took on a dramatic and eerie appearance. Nick Edwards managed to capture the event over Newport, as the sun's rays reaching out from far below the horizon lit up tiny frozen water droplets high up in the Earth's atmosphere, creating the shimmering effect of wispy white clouds tinged with blue. Taken from the Latin for 'night-shining', we can expect further activity throughout the summer. We have a full moon on Thursday, July 10. This particular full moon is often referred to as a 'Buck Moon' because of the emergence of antlers on a deer buck's forehead during this part of the season. In Celtic folklore, terms such as 'Mead' or 'Herb' Moon can be found, with the Anglo-Saxons referring to it as a 'Hay Moon.' Space news and the proposed cuts to NASA's budget by the Trump administration will more than likely impact Europe's ExoMars rover mission which is already behind schedule. With the aim of placing a rover to explore the surface of Mars, it would seem the European Space Agency, (ESA), may have to go it alone. Recently, the Snowdonia Space Centre opened its Space Test and Training Centre, (STTC), with a day of demonstrations including rocket launches and the upward despatching of a high-altitude balloon. In a move to stay competitive with the rest of the UK and indeed Europe, the day signified Wales' intent to be at the forefront of enabling those interested in having their high-tech payloads delivered into space via rockets. It's a bold and innovative concept which is slowly gathering momentum but for those who lived during a Wales that was sustained by the coal industry and in more recent times the steel industry, a stark reminder that the shift in economic focus now lies firmly with the likes of such technology as 'microgravity manufacturing.' Attended by Rebecca Evans, MS, Welsh Government cabinet secretary for economy, energy, and planning, the new centre has received £820,000 of funding from the UK Space Agency with Matt Archer, its launch director, also in attendance. All told, with other financial contributions, £1.3 million has been invested with a view to boost the local economy and employment opportunities. With six other such Spaceports at sites including Argyll in western Scotland and Newquay in Cornwall, there has to be an exercise in caution following the announcement last week that the SaxaVord Spaceport in Lamba Ness, Shetlands Islands, (which appears to be further down the operational line than others), has delayed its first satellite launch from 2025 to 2026. Finally this week, the Earth's rotation during July and August is set to speed up with Wednesday, July 9, expected to be 1.30 milliseconds shorter than the usual length of a day. The speeding up over the two months is down to several factors, including sea levels, bucking the trend that overall rotation of the Earth is slowly down. Send your astrophotography pictures to: thenightsky@
Yahoo
17 hours ago
- Yahoo
'Outstanding' Pembrokeshire house on the market for £550,000
A four-bedroom house in Tenby, finished to a high standard, is on the market for £550,000. The property, completed in 2018, is up for sale through Bryce & Co and is situated in Garden Meadows Park. The estate agent describes the house as an 'outstanding detached residence' offering a 'rare turnkey opportunity.' The entrance hall features Mandarin stone cladding and pendant lighting. One of the bathrooms (Image: Bryce & Co) The lounge boasts an exposed brick feature wall and a modern electric fireplace. The house also includes a kitchen with high-specification integrated appliances and a breakfast bar, alongside a dining area with doors leading to a rear patio. The ground floor also has a utility room, cloakroom, and a separate study, which can be utilised as a fifth bedroom. On the first floor, the house has four double bedrooms, two of which have en-suite shower rooms. The living room (Image: Bryce & Co) The family bathroom has both bath and shower facilities. The exterior of the property is well-presented, with the front garden enclosed by feather-edge fencing and landscaped with mature hedging and stone borders. At the rear of the property, there is an elevated patio with steps leading down to an additional patio and artificial lawn. The property also includes a private driveway with parking for multiple vehicles and an electric vehicle charging point. The house is equipped with a smart solar photovoltaic system for both heating and hot water, rointe low consumption electric heating, multi-layered reflective insulation, and double glazing. The attic is also boarded, with lighting and electrical installations fitted, making it a usable area prime for conversion.
Yahoo
18 hours ago
- Yahoo
KLA Corporation Opens $138 Million R&D, Manufacturing Facility in Wales for Semiconductor Innovation
KLA Corporation (NASDAQ:KLAC) is one of the high profit margin stocks to buy now. Towards the end of May, KLA Corporation officially opened a new $138 million R&D and manufacturing facility in Newport, Wales, UK. This investment expands on KLA's existing operations in the region and builds upon decades of semiconductor equipment innovation by SPTS Technologies, which is KLA's Wales-based product division. SPTS has been a key player in semiconductor equipment innovation in Wales since 1984, and has earned multiple Queen's Awards for excellence in R&D and export. KLA acquired SPTS's etch and deposition product lines in 2019. The new 237,000-square-foot Newport facility is designed to meet growing customer demand and strengthen KLA's portfolio. It includes 25,000 square feet of R&D clean rooms and 35,000 square feet of state-of-the-art manufacturing space and tool demo areas. The inner workings of a semiconductor manufacturing facility, neon hued machines humming with activity. The new facility can accommodate 750 employees and is expected to support the electronics ecosystem in Wales, which serves as a center of engineering and manufacturing excellence. KLA's investment strengthens Wales' globally renowned compound semiconductor cluster. The UK Government has also committed ~£5 million to develop the talent pipeline in the sector. KLA Corporation (NASDAQ:KLAC) designs, manufactures, and markets process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries. While we acknowledge the potential of KLAC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
