Somerset Council has unveiled plans to sell off various underutilized assets, including a council-owned car park, in a bid to balance its budget. The decision, made during the annual budget discussions in February, is expected to generate between £17m and £21m over the next 12 to 18 months.
The proposed sale of the High Street car park in Taunton, with plans to transform the location into residential housing, has garnered positive feedback from local councillor John Hunt. Councillor Hunt believes this action will help address long-standing issues of antisocial behavior in the area. The car park, situated near the town center, has been plagued by such problems for years and was recently damaged in a fire.
Amidst concerns regarding the loss of parking space, Somerset Council’s service director for strategic asset management assured that the potential decrease in parking will be offset by surplus capacity elsewhere in the town. Additionally, the council clarified that existing leases on the sold sites will remain unchanged unless otherwise stipulated.
READ MORE: From Dump to Nature: Somerset’s Remarkable Transformation
READ MORE: Yeovil: A Somerset Hotspot for Home-Sellers
The assets earmarked for sale encompass a variety of properties, with plans for some to be transformed into supported living units, student accommodation, and housing for key workers. The council also stated that potential buyers have expressed interest in redeveloping some of the sites, while others will be auctioned off or sold on the open market.
Councillors expressed a mix of sadness and hopefulness regarding the asset sell-off. Councillor Sarah Wakefield emphasized the financial burden of managing these assets, highlighting the necessity of divesting those that would cost the council money. Meanwhile, Councillor Federica Smith-Roberts conveyed optimism for the future use of the Market House, despite its impending sale.
The anticipated proceeds from the asset sales are intended to support day-to-day services, as permitted by a ‘capitalization directive’ from the government. The stringent financial circumstances have driven the council to adopt this approach, combining the need to balance the budget with the recognition of surplus and obsolete assets.