3 days ago
'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.
