Nottingham-based ALB Group has acquired the former Marks and Spencer department store in one of Chesterfield town centre’s most prominent buildings.
The developer stepped in to make the deal 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.
The premises is distributed over five floors and occupies a prime location next door to Primark and opposite Chesterfield’s historic open air market, in Market Place, which has been undergoing a major refurbishment.
ALB Group is currently in advanced negotiations with a major retailer interested in taking up part of the ground floor of the building. The firm is seeking 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, which has gained a reputation over the past few years for regenerating buildings in town and city centres across the UK, recently transformed another large property in Chesterfield town centre just a stone’s throw from the M&S building.
Last year, the developer launched 55 high-spec apartments, built on the upper floors of Burlington House, in Burlington Street, replacing the once run-down vacant office space.
ALB Group has become known for town centre revitalisation through a combination of cheaper, more flexible lease contracts with businesses and bringing the vacant upper storeys of commercial buildings back into use, largely through the creation of much-needed residential units.
The company has transformed high streets in places including Ipswich, Stoke-on-Trent, Derby, Huddersfield and Birkenhead, delivering significantly increased footfall in each of those areas.
ALB Group is known for its regeneration of the Bridlesmith Gate area of Nottingham, where it purchased 14 buildings and has successfully given the once-struggling city centre location a vibe that has been likened to London’s trendy Carnaby Street.
Arran said: “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, just like we did with Burlington House.”
