A major milestone has been reached in Bangor’s high street regeneration efforts. The Menai Centre, a 64,300 sq ft retail complex has been successfully sold, following an online auction.
Originally built in 2007 at a cost of approximately £18.5 million, the Menai Centre faced significant challenges during the COVID-19 pandemic, losing key anchor tenants such as Debenhams and H&M. At one point, vacancy levels reached nearly 80%.
In April 2023, the site was acquired by Bearmont Capital, led by CEO Rob Lloyd, from Columbia Threadneedle Investments (price undisclosed). Under Bearmont’s ownership, a phased revitalisation strategy was implemented, attracting tenants like Greggs, The Original Factory Shop, and others, significantly reducing vacancy and restoring footfall.
Savills marketed the centre with a guide price of £4.2 million, highlighting a rental income of approximately £508,000 per annum and an initial yield of 12.1%.
Rob Lloyd, CEO of Bearmont Capital Ltd, posted on LinkedIn: “Yesterday we sold the remaining part of our shopping centre! Just over two weeks ago we sold the first part, which included LSU1 (Debenhams – 60,000 sq ft), LSU2 (20,000 sq ft), two small ground floor units (17 & 18), and the assignment of the 400-space multi-storey car park (Bearmont Capital 2 Ltd).
“Now the remaining income-producing centre (Bearmont Capital Ltd) was sold at auction. The sale included tenants like Superdrug, JD Sports, Caffè Nero, Hays Travel, Cancer Research Wales, Burger King, British Heart Foundation, Greggs, etc.
“Big thank you to Ben Hodge at Savills for selling the centre, and to David Rainford (PMJ Capital), James Sargent, Barbara Rollin, David Armitage (Gateley), Mathew Green, Tom Gibson, Danny Cole, Mason Partners LLP, and Paris Collingbourne for helping over the last two and a bit years.”
While the final sale price has not yet been publicly disclosed, the transaction has been confirmed via LinkedIn by Lloyd. The identity of the buyer also remains private at this time.
The Menai Centre’s sale marks a successful turnaround for a centre once on the brink of long-term decline. Under Bearmont’s stewardship between 2023 and 2025, the complex saw a wave of lease restructurings, tenant reactivation, and commercial repositioning, offering a potential blueprint for other struggling retail centres across the UK.
This transaction also aligns with broader efforts to rejuvenate Bangor’s city centre, including plans to convert the former Debenhams unit into a new health and wellbeing hub.
