Bangor High Street has been given a potential lifeline after business group Bearmont Capital completed the purchase of the Menai Centre in earlier this week, for an undisclosed fee.
The Menai Centre redevelopment took place in 2008, comprising 21 standard retail units and 2 large space units, over three levels, with the benefit of an associated multi storey car park at the rear (Dean Street Car Park) providing 417 spaces.
The centre has been badly hit since the pandemic with departure of anchor store Debenhams, Body Shop and H&M and currently has a vacancy rate of 80%.
Bearmont Capital’s immediate focus for The Menai Centre is to attract new tenants and offer competitive deals and explore new ideas to make the shopping experience more appealing for the community and visitors.
Chief executive Rob Lloyd, who is originally from Rhos-on-sea, said: “We have to roll our sleeves up to make things happen.
Lloyd has ambitions to drive more footfall to the High Street by transforming the retail complex into a more diverse venue, he also believes that fixing problems with high street retail, requires looking at other uses for empty units, such as assisted living, leisure, and residential, as well as acquiring more boutique businesses as tenants.
“It’s all about trying to find a balance that works for the local community and also to attract others to the town so it has to be appealing,” Lloyd said.
“It’s all about being creative and exploring new ideas,” he added.
Bearmont said it was working closely with Gwynedd Council on potential new uses for the space.
Lloyd said: “The local authority and our development team share a common vision for revitalising the city.
“We aim to provide them with the necessary assurances that we are committed to effecting positive changes, and, as always, we will take an active role in enhancing the commercial hub by attracting viable tenants, ensuring reasonable rental rates, and offering more flexible lease agreements.”
“A critical aspect of purchasing a shopping centre is ensuring that the initial price is appropriate to accommodate potential shortfalls, particularly as rents decrease.
“In some instances, rents are decreasing by half due to economic conditions, particularly for historic units where rental rates have been high and are no longer sustainable.
“The local authority and our development team share a common vision for revitalising the city.
“We aim to provide them with the necessary assurances that we are committed to effecting positive changes, and as always, we will take an active role in enhancing the commercial hub by attracting viable tenants, ensuring reasonable rental rates, and offering more flexible lease agreements.”
Photos: (1) The Menai Centre in Bangor (2) The former Debenhams unit.
