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Teville Gate site could be sold to a new developer

TEVILLE Gate is under the control of the Irish Government and could now be sold to another developer, it has emerged this week.

Worthing Borough Council has confirmed that developer Hanson Capital Management, which has pledged to deliver a £150 million revamp of the site, only owns a small proportion of the land.

It is understood Hanson had loans to purchase the land with the Anglo Irish Bank, which was bailed out by the Government, leaving the site in its control.

A receivership company has now been appointed by NAMA, the National Asset Management Agency, which could enable the land to be sold to Hanson, or to another developer.

Council leader Paul Yallop said: “The council has been putting pressure on to bring something forward. Hanson is still keen to develop it.

“We would look at it if we had someone to back it but we will assist anyone coming forward.

“We couldn’t afford to develop it ourselves.”

For the full story, see the Worthing Herald, out Thursday, July 24.

 

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