Developer swoops for 68,000 sq ft former M&S store
Nottingham-based ALB Group has bought the former Marks and Spencer department store in one of Chesterfield town centre’s most prominent buildings.
The developer has bought the store for an undisclosed fee before the 68,000 sq ft premises, comprising two adjacent buildings, was due to be offered at auction, for a guide price of over £3m.
Marks and Spencer vacated the store in High Street, Chesterfield, over two years ago when it relocated to nearby Ravenside Retail Park.
ALB Group says it is in “advanced negotiations” with a major retailer interested in taking up part of the ground floor of the building. The firm is looking for additional tenants for the remaining ground floor commercial space.
The upper floors are expected to be either residential, office space or commercial use pending further consultations with ALB’s architect John Morgan, of Nottingham-based architect Leonard Design.
Arran Bailey, managing director of ALB Group, said: “We’re delighted to have secured the deal to purchase this magnificent property.
“When M&S vacated this iconic building, it left a huge hole in Chesterfield town centre – one which caused some upset for shoppers and traders alike.”
Oliver Marshall, director of FHP Property Consultants, which is marketing the building on behalf of ALB Group, said: While we are close to securing a major tenant for part of the ground floor of the building, we are seeking additional businesses to take up the remaining space.
“There will be up to 10,000 square feet available, which could be let to a single tenant or carved up as appropriate to sizes ranging from around 3,000 square feet. All interest will be considered, whether it’s from retail businesses, leisure, cafés or restaurants.”
ALB Group is known for its regeneration of the Bridlesmith Gate area of Nottingham, where it bought 14 buildings.
Bailey added: “Chesterfield is definitely on the up. Like all town and city centres it has suffered from the increase in online shopping, the cost-of-living crisis and the relocation of larger chains to out-of-town retail parks.
“But the mood is shifting in a positive direction, and we hope to be able to provide a catalyst to that now that we have acquired one of the town’s best-located and most historic buildings.
“We can guarantee that we will help to breathe new life into this area.”
