Worthing Borough Council has bought Southern Water’s headquarters in the town as an investment for the future.
The Council has spent £21.27m buying the 6.48-acre site at the junction of Yeoman Way and Littlehampton Road in Durrington.
Southern Water will remain in its headquarters as the tenant, paying rent of more than £1m a year to the Council on a long lease.
The Council is using its strategic property investment fund to pay for the purchase. The fund exists to buy assets that can generate an income for the Council to pay for services, using money borrowed from the Treasury at low cost.
Cllr Martin McCabe, Worthing’s Cabinet Member for Regeneration, said:
“Previously the Council has used its strategic property fund to generate income by investing in property elsewhere in the country.
“By investing here in Worthing, we can work with local businesses for mutual benefit. This is part of our commitment to community wealth building which puts local people first.”
“
