The former Co-op on South Street in Ilkeston will be turned into 60 apartments and seven commercial units.
The Co-operative Society department store closed in April 2013 along with two other sister stores in Nottinghamshire and after increasing concerns over local trade, Nottingham based ALB Investments has today revealed that its planned £4m regeneration project, will transform the neglected area into a thriving local town once more.
Managing director at ALB Investments Ltd, Arran Bailey, 29, had ambitious plans to invest in Ilkeston and believes that this is a huge opportunity for residents.
He said: “South Street has clearly been neglected and I understand that residents are worried about what is going to happen to the building. I viewed the building and instantly saw a gap in the market for this sort of high quality investment.
“I always look to undertake projects that will lead to wider regeneration, and the renovation of the old Coop will be a fantastic boost to the town’s shops, bars and restaurants who will reap the benefits from the extra footfall.”
The Co-operative Society began trading in Bath Street in 1837 before moving to South Street a year later. It built the new site in the 1904 but closed in 2013 after the home and clothing store had been making substantial losses.
Paul Giles, associate director at Savills Nottingham, said: “The acquisition of the former Co-op Department Store by ALB Investments signals the beginning of a major regeneration for Ilkeston. Forming an integral part of the town centre, the property will undergo significant redevelopment to create both a residential and commercial hub.
“Upon completion, the site will offer exciting new retail and leisure opportunities aimed at National operators and boost footfall to the adjoining Market Place.”