North Wales shopping centre has been sold
But the 130,000 sq ft building had been left 80% vacant after losing big names like Debenhams and H&M during the pandemic. It was bought by Bearmont Capital - run by Rob Lloyd - in 2023.
Since then new names have been added - with The Original Factory Shop (TOFS), Greggs, and Hays Travel opening, as well as the City Sports & Cocktail Bar taking on the old H&M site. A deal is in place to open a major health centre at the former Debenhams in a partnership with Cyngor Gwynedd and the Betsi Cadwaladr health board, backed by Welsh Government funds.
Now Beaumont Capital has announced the site has been sold in two separate lots.
The first phase saw the sale of the former Debenhams store (approx. 60,000 sq ft), a 20,000sq ft unit and two smaller ground floor shops, and the "assignment" of the 400-space multi-storey car park. Sign up for the North Wales Live newsletter sent twice daily to your inbox
The remaining part of the centre was sold at auction this week. This comprised the income-producing section of the centre, with tenants including Superdrug, JD Sports, Caffè Nero, Hays Travel, Cancer Research Wales, Burger King, British Heart Foundation, Greggs and others. It sold at auction for £2.75m.
Rob Lloyd, founder of Bearmont Capital, said: "We're pleased to have played our part in supporting Bangor 's high street. When we first acquired the Menai Centre, a large number of units were vacant - so it's rewarding to have brought life back to these spaces. I believe the centre is now well placed for the next phase.
"I'd like to thank everyone who has supported this process, especially Cyngor Gwynedd for their full cooperation along the journey. It's been a pleasure working with them. I wish both sets of new owners all the best with their future plans, which I'm sure will make a positive difference to the city going forward."
Ben Hodge at Savills led the sales process. Legal and property support was provided by David Rainford at PMJ Capital, James Sargent and Barbara Rollin at Gateley plc and Mathew Green, Tom Gibson and Danny Cole at Mason Partners LLP.
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