THE buyer behind Worthing’s derelict Teville Gate site has been announced.

Mosaic Global Investments completed its purchase of the site on Friday and hopes to submit plans for a “world class” development by the year's end.

It will work with a major architect who has recently completed multimillion-pound projects in London.

Jawad Sheikh, 53, said: “Teville Gate provides a fantastic opportunity for redevelopment and the ongoing regeneration of Worthing.

“We are committed to this project and in delivering a world class provision for business and residents. Mosaic has appointed a large specialist team with significant experience in urban regeneration led by award-winning architects CZWG.”

London-based CZWG recently masterminded the £14.1 million Canada Water Library in Southwark and a £20 million student development in Wembley.

Teville Gate has suffered years of neglect and is the first thing visitors see when they arrive in Worthing by train.

It is hoped the site will be turned into a mixed development including a cinema, flats, cafés, restaurants, retail, leisure and a conference centre.

Pedestrians will be encouraged to walk through Teville Gate from the station using footpaths, rather than finding other ways into town.

Previous proposals and false dawns for the site included a £150 million regeneration project with two residential towers containing 229 flats and car parking spaces for 967 vehicles.

Council chiefs now herald the sale as the last piece of the regeneration jigsaw for the town.

Worthing Borough Council leader Daniel Humphreys said: “I am pleased Teville Gate has finally been sold and we can now work closely with Mosaic Global Investments to develop this site as quickly as possible.

“An important gateway to the town centre, it is vital that it is redeveloped sympathetically, providing a mix of residential, leisure and commercial uses.

“The fact that Worthing has started to attract this high calibre investment is very encouraging.”

Company House records suggest Mosaic Global Investments was set up purely for the Teville Gate project.

The company has only been operating for 11 months. Mr Sheikh is listed as an active director of 15 firms.

Mr Sheikh is listed as having directed at least 30 other companies over the years, mostly care-related, including a holistic care centre for children near Hastings and a children’s home in Croydon.