Bearmont continues expansion campaign with Welsh scheme acquisition

Property developer Bearmont has made its first shopping centre acquisition of 2023 with the purchase of The Menai Centre in Bangor, North Wales from Columbia Threadneedle.

Bearmont CEO Rob Lloyd said the group was seeking more shopping centres as it continues its expansion campaign.

Developed in 2007 by Cathco Property Group for £18.5m, the 130,000 sq ft is currently facing difficult times and suffers from a 80% vacancy rate after losing anchor tenant Debenhams.

Bearmont says it is aiming to bring new tenants into the scheme and rejuvenate the surrounding area. The group said it is already in the process of letting a number of empty units with three currently in solicitors’ hands.

Lloyd said: “Footfall dropped significantly which has had a major impact on the centre and the high street in general also there has been the rise of online shopping and the pandemic hasn’t helped, which have impacted on high street shopping across the UK.”

“There is far too much retail in the city centre together with a lot of derelict property. Also coupled with out-of-town retail units it’s just too much and it is not sustainable so other uses need to be looked at for example assisted living, residential and leisure and bringing in artisan style businesses”, he added.

Mason and Partners’ Liverpool office has been appointed to deal with the lettings and management of the centre while local agent Richard Baddley & Co is dealing with the council on behalf of Bearmont.