If the FP vents out the side, you might be able to center the FP on the wall. I'd consider eliminating all the various niches created on the wall.

Since the picture shows the previous owner's furniture we don't know what your style is. You can always paint or white wash the brick. Here are some pictures I have saved that show a fireplace and TV next to each other to give you some ideas. I wouldn't recommend shiplap unless this is a property on the water. Shiplap in a tract home is a trend that is over. But you can see that by closing up the openings in the wall and applying different types of molding and mantels you can get different looks.

Coastal Virginia Magazine Idea House 2017 · More Info

Southwestern Living Room · More Info

Kitchen and Family Room with Double Sided Fireplace · More Info

Coppers House- Living Room · More Info

One thing that jumps out.. is the window… a need for shades that pull up from the bottom.. will allow light in while blocking only enough of the view to offer privacy as/when needed

You might consider drywalling over all of the niches, it definitely makes the space look dated. It might allow you more freedom to decorate the space how you want it as well once it is drywalled up.

Modern Farmhouse Rebuild · More Info

Maybe look at drywalling over both niches, so that you have a flat surface to work with. There are many different ways you could look at redoing the fireplace wall so that it works for you. Below are some ideas from designs we have done for our clients:

Midland South Luxury Townhome · More Info

Bright Transitional Refresh · More Info

Posh Home Remodel · More Info

Fabulous Farmhouse Estate · More Info

Aberdeen Living · More Info