Watford Borough Council has bought the former Woolworths store in the town centre.

The 45,000 sq ft, three floor unit, at 29/35 High Street, has been empty since Woolies closed its doors in January.

The purchase coincides with the announcement this week that the council is inviting tenders for the redevelopment of Charter Place – a scheme that could be worth between £150 million and £400 million.

The former Woolworths site is immediately adjacent to Charter Place, which is already owned by the council.

The council would not reveal the price they had paid for the former Woolies site, describing it as “commercially sensitive”, but Mayor Dorothy Thornhill said the purchase was a “great opportunity”.

She said: “We would have been mad not to have bought it. Despite the recession, completely refurbishing Charter Place is still a priority for the council."

The council will now seek to re-let its new property as soon as possible, either as a whole or in parts.

Peter Mitchell, head of property at Watford Borough Council, said: “We will be looking to re-let as soon as possible to open up Charter Place from the High Street and create a better shopping environment.”

It is believed there will be no structural changes to the shopping centre until after Easter 2012, but the council has planned a series of improvements to replace signs, and improve lighting and drainage.

Mark Poyner, of Brasier Freeth, added: "The purchase of the Woolworths building demonstrates the continuing commitment by the council to rejuvenate Watford town centre by taking a proactive approach to managing and extending their property portfolio whilst investing for the future benefit of shoppers and the local community.”

In March, the council revealed it was continuing to explore plans to redevelop Charter Place and had spoken to more than 20 companies. It is hoped the new designs will incorporate a cinema.

Previously, in January 2008, the council's five-year partnership with Capital Shopping Centres (CSC) ended, after refusing to allow the Charter Place redevelopment to become an extension of The Harlequin shopping centre, which is operated by CSC.