The Bridge Centre in Fratton, Portsmouth has been bought by the city council in a strategic move to rejuvenate the area.
The building will continue to be a local shopping centre, while the council also plans that the ground floor becomes a mixed-use enterprise centre of small offices and co-working spaces when suitable space becomes available.
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The model has already been established by the council's other enterprise centres to provide low-cost facilities and business support for local start-ups, small businesses, and community initiatives.
"We've listened to the views of residents and businesses in Fratton and know that people want to see the area revitalised with improved public spaces and shops, homes and job opportunities that suit how we live and work now," said Cllr Steve Pitt, leader of Portsmouth City Council, responsible for economic development and culture.
"The Bridge Centre is a strategic, long-term investment for the council. We will work with the businesses that are based there now, while also working to develop plans that look to the future.
"Through improvements to the high street and investment in new homes, flexible commercial space and community facilities, we can support changes in Fratton that will make it a cleaner, greener and safer place for everyone."
The former owner, ASDA, will continue to operate its superstore in Fratton and to support the revitalisation of the area, said the council, adding that the acquisition was made possible by a grant from the Future High Streets Fund.
The council will work with businesses in the centre and wider community to deliver change in the area through improvements to the high street, road network, pedestrian routes, and cycleways, as well as investing in new homes and employment opportunities.
The council has also been awarded funding from the Future High Street Fund to make improvements to the north end of Portsmouth's city centre with new seating, more greenery and play equipment for children.
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