Vicar Lane Shopping Centre in Chesterfield bought out of receivership

The centre - which attracts more than three million visitors every year - has been bought by property fund ALTERIS which has today announced plans to significantly transform the site.

A spokesperson for the centre said: "After five years in receivership, Vicar Lane has suffered from a lack of investment and ALTERIS has identified an opportunity to revitalise it, injecting some much-needed investment into a key area of the town.

"ALTERIS is formulating a masterplan vision for Vicar Lane which will see St James Square become a much more animated focal point and a lively new meeting point for shoppers within the town."

Bert Broadhead, director at ALTERIS, said: "We've identified huge potential in Vicar Lane as it sits in a prime position within a thriving market town.

"We see a great opportunity to re-imagine the scheme making it more of a centre of gravity for Chesterfield - with enhanced food and drink as well as leisure tenants to complement the existing retail.

"We also have plans to enhance the open public areas to make Vicar Lane a more uplifting place to be - vital for any successful destination in 2019.

"There is much talk of high streets being in decline at the moment, but this isn't the case everywhere.

"We spotted an opportunity with Vicar Lane where there is a big desire among shoppers to see their town get back on track.

"The empty shops on Steeplegate are a key focus for us and we already have interest from potential tenants for many of these units.

"We will be aiming to work with both national and independent operators, harnessing the latest technologies as well as traditional retail practices to help create a retail experience for the modern age, right in the heart of historic Chesterfield."