Council steps in to secure future of shopping centre
Register for free to receive latest news stories direct to your inboxRegister
Chesterfield Borough Council is set to buy the leasehold a shopping centre in the town in a move it says will secure the future of the mall.
The decision to buy The Pavements Shopping Centre was made at an extraordinary meeting of the council on Wednesday evening (February 10).
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 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 1980s. The council then manages and operates the shopping centre through an under-lease arrangement between the leaseholder and the council.
Gilby added: “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.”