Worthing Council Snaps Up Southern Water HQ in £21m Deal
Big Buy in Durrington
Worthing Borough Council has splashed out £21.27 million to buy Southern Water’s sprawling 6.48-acre headquarters. The site, sitting at the busy junction of Yeoman Way and Littlehampton Road in Durrington, is set to be a key investment for the future.
Southern Water Stays Put, Pays Rent
Southern Water isn’t moving anywhere – the utility giant will remain as the tenant under a long lease. That means the Council will rake in rent exceeding £1 million a year, turning this prime property into a steady income stream.
Smart Investment to Boost Local Services
The Council used its strategic property investment fund to seal the deal. This fund borrows money cheaply from the Treasury to buy assets that generate cash for local services.
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 1 with local businesses for mutual benefit. This is part of our commitment to community wealth building which puts local people first.”
