A team from law firm Bevan Brittan's London and Leeds offices has advised Worthing Borough Council on the £7m acquisition of a major town centre site.
The local authority bought the Teville Gate site from owners Mosaic. The council eventually plans to sell the site following certain preliminary work for it to be a highly prized asset for a development partner. Worthing has a proposed timeframe of three years before taking it to the market.
The council is working on interim measures for the site and is expected to announce its plans soon.
Matthew Walsh, a specialist commercial property lawyer at Bevan Brittan, said: “The Teville Gate site is in a prime position in Worthing, right beside the train station, and has so much potential for redevelopment.
“The council were keen to help unlock its potential after many years of stagnation. Working closely with Worthing’s in-house legal team and the case officer, we were able to complete the transaction after challenging negotiations and resolving a number of complex legal issues.”
He added: “Now that this prime site is owned by the council, they will be able to use their local authority powers to promote the site for a major and much needed regeneration with a number of potential development partners.
“The council’s approach was particularly dynamic as well as being pragmatic. It may well set the standard for other local authorities to consider, where development has stalled or there has been the absence of progress for a number of years.”