Newport's former Edinburgh Woollen Mill store has been bought by Newport and Carisbrooke Community Council, in what's been described as its "biggest purchase to date".
The NCCC now wants to relocate to the High Street building, with the intention of being more accessible to residents.
Initially, the community council planned to rent a property, as it has done since it was founded in 2008.
However, it says it identified "an opportunity to invest and fulfil several of objectives", after viewing the building.
Cllr. Jones-Evans, Vice Chairman of the Council, and councillor for Newport Central said:
"This purchase marks a new era for Newport and Carisbrooke Community Council. After 13 years we now have our own base in the heart of the town and a sound investment on behalf of residents. In time we will be able to be more accessible and provide space for historical displays, meetings and retail opportunities, amongst other uses.
"Councillors feel it's important that we show commitment to reviving the High Street and that we believe in Newport. Working with the High Street Heritage Action Zone means we can create a high-quality space that respects the building and conservation area."
The NCCC says the purchase was achieved without impacting its precept payers.
NCCC is the lead partner for the Historic England High Street Heritage Action Zone programme for Newport which commenced in May 2020.
The council says it has applied to the programme for grant funding for shop front improvements, and to assist with a feasibility study into repurposing the first floor and reinstating the appropriate access from the street.
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