The council has purchased a large town centre site in a bid to speed up the area’s regeneration.
The space on Osborne Street comprises five retail units and the adjoining car park on Garden Street.
The 18,000 square foot property had been advertised on the market for £750,000.
North East Lincolnshire Council says the buildings have been redundant for some time, and the purchase opens the door for change.
Contracts have now been exchanged for 3-15 Osborne Street.
Tesco, Poundland, Kwik Save and Somerfield are amongst the retailers who have previously occupied the units.
Council leader Councillor Philip Jackson says the purchase will help to drive the reinvention of Grimsby town centre.
“In order to effect change, which we all know is needed, we must look at opportunities such as this with a view to shaping and guiding redevelopment,” he said.
“Town centres across the country have changed almost beyond what any of us would have anticipated and we have a responsibility to ensure the community’s needs are served as we look to refocus the town.”
The 94-space private car park has previously seen issues with people issued with penalty notices after they were unable to find anywhere to pay.
The council has indicated it will continue to lead efforts to change Grimsby town centre.
Rejuvenation work has been completed on St James Square and Garth Lane. St James House will soon undergo work, with E-Factor transforming it into a business hub.
Other regeneration schemes are underway using cash awarded from the Towns Fund and the Future High Streets Fund.