Chesterfield Borough Council has completed the purchase of The Pavements Shopping Centre – a move which ensures the council can lead and control the future development of this key town centre site.
Councillor Tricia Gilby, Leader of the council, said: “The Pavements Shopping Centre is an important part of Chesterfield’s town centre offer. It is home to be 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 re-imagine and re-purpose the current shopping centre and, in time, create a landmark mixed-use regeneration scheme.”
Chesterfield Borough 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 the CIN Pension Fund which originally built The Pavements back in the early 1980s.
Before moving forward with the purchase, the council sought specialist advice from independent property investment advisors, who 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.
Councillor Gilby added: “This purchase will not only help ensure The Pavements Shopping Centre is a key part of our long-term strategy for re-vitalising the town centre, it also protects the council’s financial position.”