Seeking to address a staggering £80m funding gap for the current financial year and a projected £100m budget shortfall for 2025/2026, Somerset Council is considering the sale of landmark buildings and other assets. The proposed disposal of non-operational buildings and development potential land is a response to the urgent financial crisis and a reflection of the Council’s commitment to financial sustainability.
A combined estimated capital receipt range of £17m to £21m is anticipated from the sale of identified assets, including prominent landmarks such as the Market House in Taunton and the Cornhill in Bridgwater. However, specific details regarding individual asset disposals remain confidential due to commercial considerations.
Cllr Ros Wyke, the lead member for economic development, planning, and assets, emphasized the council’s dedication to evaluating and rationalizing its surplus property and land portfolio to reduce costs and ensure financial sustainability in the face of the pressing financial emergency.
READ MORE: Yeovil Christmas Festival Receives Green Light for Eight-Day Celebration
READ MORE: Diverse Planning Schemes Unfold in Bath and North East Somerset and North Somerset
The leader of Somerset Council, Cllr Bill Revans, is advocating for urgent action to prioritize local government, requesting a meeting with the new Prime Minister and Secretary of State for Housing, Communities, and Local Government.
Cllr Revans acknowledged the council’s concerted efforts to curtail spending and make difficult decisions to achieve savings across service areas, highlighting the collaborative efforts with local councils to protect services and assets.