A NEW GREGGS store will open in Bangor’s Menai Centre by the end of the year.

Bearmont Capital, which owns the shopping centre, has announced the agreement of a 10-year lease with Greggs, at a unit that has remained vacant since the centre opened 18 years ago.

The country's most famous bakery will open before the end of the year after signing a lease for Unit 9, a 2000 sq ft space strategically located opposite Bangor's bustling bus station.

This lease marks a pivotal step in revitalising the shopping complex, which faced challenges under the previous ownership, including an 80 per cent vacancy rate.

Acquired by Bearmont Capital last April, the Menai Centre spans 130,000 sq ft and has been a focal point of the company’s efforts to rejuvenate Bangor's High Street.

Developed in 2007 by Cathco Property Group, the centre experienced declining footfall exacerbated by the departure of anchor tenant Debenhams.

Rob Lloyd, CEO of Bearmont Capital said: ""We are pleased to announce Greggs' tenancy at Unit 9, a milestone that underscores our commitment to restoring vibrancy to Bangor High Street.

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"This particular unit has never been occupied since the centre's opening 18 years ago and is ideally suited for Greggs due to its prime location opposite a busy bus stop, ensuring high footfall and visibility."

“We recognised the need for decisive action upon acquiring the Menai Centre.

“The high vacancy rate presented us with significant challenges but also offered tremendous opportunities to reinvigorate this key retail space.

“We continue to take a flexible approach, offering rent-free periods, competitive rents, and landlord incentives to attract new tenants."

Since taking ownership, Bearmont Capital has attracted new tenants such as The Original Factory Shop, Welsh Air Ambulance, and Hayes Travel and diversified the centre's offerings.

Cafe Nero recently renewed its lease and has just refurbished their unit inside and out, showing their commitment to the centre.

Looking ahead, Bearmont Capital said it remains focused on further enhancing the centre’s appeal through innovative uses and tenant mix diversification.

Mr Lloyd added: "Ongoing discussions with Gwynedd Council and local stakeholders are a testament to our commitment to inclusivity and exploring additional opportunities for the centre, including potential alternative uses for the former Debenhams space."

“We are exploring creative solutions to transform this retail complex into a multifaceted destination that meets the local community's needs and attracts visitors across the region.

“We have also put the former H&M under offer and this unit will deliver a different offering.

“A planning application is set for the end of this month."