Somerset Council pledges greater transparency on asset sales

Summarised from 2 outlets · Updated 11 Oct, 06:19 · Archive

Somerset Council has agreed to publish regular reports detailing its commercial property sales after selling 28 properties at a loss.

Somerset Council has pledged greater transparency over the future sale of land, property and other public assets following a vote at full council in Bridgwater on 16 September. The council has been selling off surplus property since its creation in April 2023, including commercial investments inherited from the former district councils.

The government has permitted the council to use the sale proceeds to fund front-line services, an arrangement that would normally be prohibited. This special arrangement will not be available after April 2027. The council revealed in late June that it had lost nearly £92m on the sale of investments based on their original values, although it generated a surplus of just over £17m when rental income was taken into account.

The Conservative opposition group, led by Councillor Diogo Rodrigues, put forward a motion calling for greater transparency in reporting. The motion specified that published figures showed 28 properties originally acquired for approximately £167m have been sold for approximately £128m. The ruling Liberal Democrat administration has agreed to the transparency pledge, with a detailed report to be published before Christmas listing every commercial property already sold off.

How it is being reported

• Somerset Council pledges greater transparency over the assets it ownsFollowing a vote at a recent full council meeting, Somerset Council will produce regular reports on the sales of its commercial investmentsBridgwater Mercury · 11 Oct, 05:00
• Somerset Council pledges greater transparency over the assets it ownsFollowing a vote at a recent full council meeting, Somerset Council will produce regular reports on the sales of its commercial investmentsSomerset County Gazette · 11 Oct, 05:00

In this story: Somerset Council · Conservative · Liberal Democrat · Councillor Diogo Rodrigues · Somerset · Bridgwater

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