Worthing Council Snaps Up Southern Water HQ in £21 Million Deal
Worthing Borough Council has made a bold move, buying Southern Water’s headquarters in Durrington as a long-term investment.
£21.27 Million Purchase Secures Prime Site
The council paid £21.27 million for the 6.48-acre site at the busy junction of Yeoman Way and Littlehampton Road. Southern Water will stay put as tenant, coughing up over £1 million in rent each year under a long-term lease.
Strategic Investment to Boost Local Economy
The deal was funded through the council’s strategic property investment fund. This fund uses low-cost borrowing from the Treasury to snap up assets that generate income to support local services.
Local Focus: Council Committed to Community Wealth
Councillor Martin McCabe, Worthing’s Cabinet Member for Regeneration, explained:
“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.”
