The investment, which was awarded funding by the government on 26 December 2020, and completion of the purchase enables the council to develop plans to improve and redevelop works in and around the High Street.
Options for redevelopment include the potential for leisure, housing and community services to complement the retail experience, as the council explores innovative new ways to bring vitality to the high street.
Toby Savage, council leader, said: “I am really excited to be able to confirm that we have completed the purchase of Kings Chase shopping centre and car park, which has been the subject of many months of hard work alongside the development of a Masterplan.
“Alongside the funding now in place to transform the public realm on Regent Street and with the building work to restore the Whitfield Tabernacle now underway, I look forward to the opportunities this will bring to the community.”
Chris Skidmore, MP, Kingswood, added: “I have been a proud advocate for the council’s Future High Streets Fund business case and was delighted to see the government co-investing in this.
“Seeing the Whitfield Tabernacle alive with building work and now this vital acquisition being concluded presents the start of an exciting future for Kingswood town centre.”