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North Wales Live
2 days ago
- Business
- North Wales Live
North Wales shopping centre has been sold
A shopping centre in the heart of a North Wales city has been sold. The Menai Centre was developed in Bangor back in 2007 by Cathco Property Group at the cost of £18.5m. 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.
Yahoo
31-05-2025
- Business
- Yahoo
'Sharpened focus' for Market Hall as owners to sell Welsh shopping centre
THE new owners of Carlisle's Market Hall are set to sell a shopping centre in North Wales in a move they say will help 'sharpen focus' on other active regeneration schemes. 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.
North Wales Chronicle
28-05-2025
- Business
- North Wales Chronicle
Bangor's Menai Centre handed £4.2million auction guide price
The Menai Centre, owned by Bearmont Capital, will go to auction with Savills on June 17. Developed by the Cathco Property Group in 2007, the centre cost up to £18.5million to build. During the pandemic, the centre lost a host of big names, including Debenhams and H&M, with the retail space mostly empty in recent years. The Menai Centre was snapped up by Bearmont Capital, run by Rhos-on-Sea millionaire Rob Lloyd, back in 2023. Greggs, Hays Travel and City Sports & Cocktail Bar (at the old H&M site) have all moved in since their takeover. Despite extensive plans for the centre, and the company working to attract new businesses to the centre, it seems the centre will now be moved on. The listing is understood to not include the Debenhams or M&S units, with the former earmarked as a health board site and the latter sold off several years ago. Savills said of the listing: "The property is arranged over ground and one upper floor and arranged as 19 seperate units. "Each shop benefits from their own street frontage. "The shopping centre has no communal atrium, thus minimising the common parts. "To the rear is a service yard." The two-stage bidding process will help complete the sale of the shopping centre, Savills added.
