Saturday, August 20, 2022

Council looks to secure future of Chesterfield shopping centre

Looking to secure its future, at an Extraordinary meeting of Chesterfield Borough Council on Wednesday 10 February 2021, councillors voted in favour of acquiring the leasehold of The Pavements Shopping Centre in Chesterfield.

The council said the move would help it shape Chesterfield’s Southern Gateway and build on plans for the town centre.

The decision is subject to further due diligence and agreement of terms.

Councillor Tricia Gilby, Leader of Chesterfield Borough Council, said: “The Pavements Shopping Centre plays a pivotal role in welcoming shoppers and visitors to Chesterfield town centre.

“Assuming we are successful in acquiring the leasehold, the council will be able to control the future direction of the shopping centre; shape the Southern Gateway to Chesterfield town centre; and build on the council’s many other ambitious plans for the town centre.”

Chesterfield Borough Council currently owns the land (the freehold) on which the shopping centre is built but the leasehold is held by a successor company to the CIN Pension Fund which originally built The Pavements back in the early 1980’s. The council then manages and operates the shopping centre through an under-lease arrangement between the leaseholder and the council.

The council has taken specialist advice from property investment advisors, who concluded it is financially prudent for the council to try and acquire the leasehold at this time.

Cllr Tricia Gilby, Leader of the Council, continued: “Through this action, the council is seeking to secure the future of The Pavements Shopping Centre as a high-profile strategic town centre asset whilst at the same time protecting the council’s financial position.

“Negotiations between the council and the leaseholder have commenced, and we would hope that the terms of the acquisition can be finalised by the end of March 2021.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.







Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close