Somerset Council members are considering selling off non-operational buildings and land to help bridge an £80m funding gap.
The Resources and Corporate Scrutiny Committee are today (July 24) discussing measures for closing the £80m funding gap in the current financial year and a £100m budget gap for 2025/2026.
The report outlines proposals to dispose of buildings – including several landmark properties including the Market House in Taunton and The Cornhill in Bridgwater – and small parcels of land which hold potential for development.
Cllr Ros Wyke, lead member for Economic Development, Planning and Assets, said the council was committed to the ‘rationalisation of its surplus property and land portfolio’ where appropriate.
He added: ‘This drastic action is in response to the well documented financial emergency facing Somerset Council and the capitalisation direction approved by the former Government which encouraged us to sell surplus property and assets, and use the capital receipts to fund essential services, like adults and children’s social care.’
Check out: Selling the family silver.
