The site, which has stood derelict and undeveloped for years, could see a ‘vibrant mixed use development’ put forward by the new buyers, which are to be announced shortly.
Scott Marshall, director for the economy at Adur and Worthing councils, said: “This is a significant day for the town and for the wider borough. Teville Gate has been high on our priority investment opportunity list, and I’m delighted to see a viable opportunity coming forward for a vibrant mixed use development in a key gateway location.
“It’s encouraging news after such a long delay that the official receiver have reached an agreement for sale.
“As soon as the finer details of the sale are negotiated, we will release the name of the site’s new owners and issue a joint statement, which we anticipate being available in early June.”
The site has been mired in problems, after developers Hanson Capital Management had loans to purchase the land with the Anglo Irish Bank, which was bailed out by the Government.
With the site in Irish control, a receivership company was appointed, who marketed the site for sale last year.
It is hoped this development could finally see action on the key gateway location.
James Appleton, head of economic Growth at Adur and Worthing Councils said: “The council is keen to see the comprehensive redevelopment of this site to ensure an enhanced pedestrian link between the railway station and the town centre.
“In this respect every assistance will be given to the new owners of the site to create a viable and high quality development which will provide a significant boost to the local economy and provide an enhanced gateway into the town centre.”