Chesterfield Borough Council has completed the purchase of the Pavements Shopping Centre, a move which ensures the authority can lead and control the future development of this key town centre site.
The council has always owned the land (the freehold), on which the Pavements is built and also manages and operates the shopping centre on a day-to-day basis, but the leasehold has been held, until now, by a successor company to a pension fund.
Before moving forward with the purchase, the council sought specialist advice from independent property investment advisors.
They concluded that the proposal to consolidate the freehold and leasehold interests under the council’s exclusive control was financially prudent in the current economic climate.
Commenting, Leader of Chesterfield Borough Council, Councillor Tricia Gilby said:
“The Pavements Shopping Centre is an important part of Chesterfield’s town centre offer. It is home to a mix of national brand and independent retailers and still attracts good footfall for a shopping centre of its age.
“By bringing the freehold and leasehold interests together, the council will be able to better control the future direction of the shopping centre, shape the Southern Gateway to Chesterfield town centre and ensure alignment with our other ambitious plans to put the beat back into the heart of our town.
“It’s a chance for the council and its partners to reimagine and repurpose the current shopping centre and, in time, create a landmark mixed-use regeneration scheme.
“This purchase will not only help ensure the Pavements Shopping Centre is a key part of our long-term strategy for revitalising the town centre, it also protects the council’s financial position.”
The council said that retailers and shoppers will not notice any immediate changes in the day-to-day management and operation of the centre.
They also said that any emerging plans for the future direction of the shopping centre will be communicated to retailers in the first instance and when better defined, will also be subject to wider public consultation.
