Council acquires Chesterfield's Pavements Shopping Centre for undisclosed sum
Chesterfield Borough Council has completed the purchase of the town’s Pavements Shopping Centre.
The news comes after councillors voted in favour of acquiring the leasehold of the shopping centre earlier this year.
According to the authority, the move ‘ensures the council can lead and control the future development of this key town centre site’.
The Derbyshire Times asked the authority how much the acquisition cost.
A council spokesperson said: “Due to commercial sensitivities the council cannot comment on the financial details of the purchase.”
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.”
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.
Until now, the leasehold has been held by a successor company to the CIN Pension Fund which originally built the Pavements in the early 1980s.
Coun 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.”
A council spokesperson said: “The council sought specialist advice from independent property investment advisers, 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.
“Retailers and shoppers will not notice any immediate changes in the day-to-day management and operation of the Pavements Shopping Centre.
“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.”