Pavements Shopping centre Archives - Destination Chesterfield

Chesterfield Borough Council secures the future of The Pavements Shopping Centre

7th July 2021

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.”

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.

Chesterfield Borough Council looks to secure the future of The Pavements Shopping Centre

11th February 2021

At an Extraordinary meeting of Chesterfield Borough Council on Wednesday 10 February 2021, councillors voted in favour of acquiring the leasehold of The Pavements Shopping Centre in Chesterfield.

The decision is subject to further due diligence and agreement of terms.

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 (the freehold) 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 1980’s. The council then manages and operates the shopping centre through an under-lease arrangement between the leaseholder and the council.

The council has taken specialist advice from property investment advisors, who concluded it is financially prudent for the council to try and acquire the leasehold at this time.

Cllr Tricia Gilby, Leader of the Council, continued: “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.”

You can find out more about the Pavements Shopping Centre here.

Businesses in Chesterfield are continuing to trade via click and collect or delivery services during the current national lockdown, while essential retailers remain open as usual. You can find out more on our Shopping During Lockdown page.