Bearmont Capital looks to sell Menai Centre
Around 64,000 sq ft of retail floorspace at the Bangor mall is being marketed by Savills, with a guide price of £4.2m.
Bearmont bought the complex in April 2023 from Columbia Threadneedle Investments for an undisclosed price, and has since added a number of tenants to the 19 units that are now up for sale.
The centre as a whole amounts to around 130,000 sq ft. Excluded from the deal are the 57,000 sq ft former Debenhams unit – where plans are in the works for a £20m health centre, with the council securing grant support in April to fund a lease option – and the M&S Simply Food unit next to the main body of the site.
With most of the units occupied, the rent roll at the Menai Centre brings in £508,000 per year currently.
Tenants include Greggs, Hays Travel, JD, Caffe Nero, 3 Mobile and Superdrug. The shopping centre is arranged over two floors, and has no central atrium.
Bids are requested by 10 June. This is a two-stage bidding process, said Savills.
The initial offers will be considered by the client – best and final offers may then be called. Should an offer meet the client’s requirements a successful bidder will be selected and a sale will take place via an auction contract, which will be signed immediately along with receiving a 10% deposit. The property will be deemed as ‘sold prior to auction’.
However, if no standout bids are received or bids received are of a similar value then a reserve price will be set on the property and it will be sold via a live online auction.
God help anyone buying that
By Alan
@Alan – well someone just has…
By Jack Mary Ann