A North Wales shopping centre has been bought by a Welsh developer and retail investor. Bearmont Capital has purchased The Menai Centre in Bangor city centre with the aim of reviving the struggling shopping centre and high street.
The centre was developed back in 2007 by Cathco Property Group and cost £18.5m to build. The 130,000 sq ft building is currently 80% vacant after losing big names like Debenhams during the pandemic.
Rob Lloyd, chief executive of Bearmont Capital, said the centre’s main challenge is the departure of Debenhams, the original anchor tenant for the centre. He said: “Footfall has 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.
