Nottingham-based ALB Group has acquired the former Marks and Spencer department store in one of Chesterfield town centre’s most prominent buildings.
The developer stepped in to make the deal for an undisclosed fee before the 68,000 sq ft premises, comprising two adjacent buildings, was due to be offered at auction, for a guide price of over £3m.
Marks and Spencer vacated the store in High Street, Chesterfield, over two years ago when it relocated to nearby Ravenside Retail Park.
The premises is distributed over five floors and occupies a prime location next door to Primark and opposite Chesterfield’s historic open air market, in Market Place, which has been undergoing a major refurbishment.
ALB Group is currently in advanced negotiations with a major retailer interested in taking up part of the ground floor of the building. The firm is seeking additional tenants for the remaining ground floor commercial space.
The upper floors are expected to be either residential, office space or commercial use pending further consultations with ALB’s architect John Morgan, of Nottingham-based architect Leonard Design.
Arran Bailey, managing director of ALB Group, said: “We’re delighted to have secured the deal to purchase this magnificent property.
“When M&S vacated this iconic building, it left a huge hole in Chesterfield town centre – one which caused some upset for shoppers and traders alike.”
