The Stowmarket building previously occupied by the food store chain Aldi, has been acquired by Mid Suffolk District Council.
The site which includes a building and car park, sits within a prominent location in the town centre.
The purchase will allow Mid Suffolk District Council to ensure this key site is brought back into use after lying vacant for more than a year, following the retailer’s departure.
The car park situated in Gipping Way will now be operated by Mid Suffolk District Council and a new tenant will be sought for the building.
This acquisition forms part of the Stowmarket Vision for Prosperity – a wider five-year action plan, which aims to revitalise the town centre with the aim of attracting more businesses and visitors.
Nick Gowrley, leader of Mid Suffolk District Council, said: “This purchase is a significant step in our aim to support the economic development of the town. There have been concerns about the future of this key site, but we are committed to making it more viable for local businesses and enables us to operate the car park effectively”.
Gerard Brewster, Mid Suffolk District Council’s Cabinet Member for Economy, said: “We want to show others that the council is willing and able to use its powers and resources to remove barriers. We also want to make it easier for businesses to invest in the future of Stowmarket and we think this purchase shows that commitment.
“Combined with other investments, including the acquisition of Gateway 14, the former Nat West bank and the shop front grant within the district, it clearly shows that we are listening to our residents, supporting local businesses and investing in the town centre to make it a destination, encouraging more investment and growth”.