Somerset Conservatives are calling for greater transparency over the disposal of millions of pounds worth of commercial property owned by Somerset Council.
A motion being brought to Full Council on Wednesday 16th September by Leader of the Opposition Cllr Diogo Rodrigues and Cllr Andy Dingwall, calls for a single public report setting out the financial outcome of commercial properties that have already been sold.
Somerset Council inherited a significant commercial property portfolio from its predecessor authorities when the unitary council was created in 2023.
The overall portfolio had originally been acquired for approximately £301 million.
Published figures show that 28 properties originally acquired for approximately £167 million have since been sold for around £128 million.
Further properties, originally acquired for approximately £134 million, remain in council ownership and were reported as having a current valuation of approximately £79 million. Published reporting has consequently estimated a potential difference of around £90 million between the original acquisition cost of the overall portfolio and the combined proceeds from properties already sold and the current value of those remaining.
The motion calls for residents to be given a clear breakdown showing, for every commercial property already disposed of, which property was sold and which predecessor authority acquired it, its original acquisition cost, its most recent valuation before disposal, the amount it was sold for, and the resulting capital gain or loss against its original acquisition cost.
It also calls for an overall summary showing the total acquisition cost, sale proceeds and resulting gain or loss across all completed disposals.
Cllr Diogo Rodrigues, Leader of the Opposition on Somerset Council, said:
"We're talking about very significant sums of public money, and Somerset residents deserve to be able to see clearly what has happened to it.
Too often under the Liberal Democrats, important information about these property disposals has been contained within confidential papers, meaning taxpayers simply cannot see the full picture.
I want there to be a clear and transparent public record of what has happened to taxpayers' money.
Council officers have confirmed that the information requested is held and can be reported with "little resource implications".
The council's Monitoring Officer has also confirmed that the council has the legal power to publish information relating to its commercial property portfolio and disposals, although officers would need to consider whether any individual information remains subject to commercial confidentiality.
The motion will go before Somerset Council's Full Council meeting on Wednesday 16th September.
