Worthing Council Snaps Up Southern Water HQ in £21m Property Power Move
£21m Buyout Boosts Local Property Game
Worthing Borough Council has pulled off a major property coup by purchasing Southern Water’s headquarters in Durrington. The council shelled out a hefty £21.27 million for the 6.48-acre site, situated at the busy junction of Yeoman Way and Littlehampton Road.
Southern Water Stays Put, Pays Over £1m Rent Annually
Southern Water will continue to operate from the same HQ, now as tenants paying a rent exceeding £1 million per year. The deal secures a long-term lease, guaranteeing steady income for the council.
Smart Investment Fund Backs Local Growth
The purchase was funded using the council’s strategic property investment fund. This fund is designed to scoop up assets that generate income for local services, borrowing at low rates from the Treasury to fund important investments.
Council Aims to Empower Local Economy
Councillor Martin McCabe, 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.”
