Somerset Conservatives have raised questions after it emerged that the sale of the former Marks & Spencer store in Yeovil may have cost Somerset Council nearly £5 million, yet the Council refuses to confirm the figures.
At the Council’s last Executive meeting, Opposition Leader Cllr Diogo Rodrigues asked how much the property was sold for and how much borrowing remains outstanding.
He asked:
It has been reported that, as of December 31, 2024, the council had sold properties for £76m that originally cost £104m to buy – a £27m loss, while the £104m debt remains with the council.
In 2017, South Somerset District Council purchased the Marks and Spencer site on Middle Street in Yeovil for £7.65m. This council later put it on the market for £2.8m.
Has that property now sold? If so, for how much – and how much borrowing remains outstanding from it?
Liberal Democrat deputy leader Cllr Liz Leyshon declined to confirm the sale price or whether the transaction had even completed, arguing that releasing such information could prejudice other sales.
Cllr Rodrigues added, “We’re told Somerset Council is in a financial emergency, yet millions may have been wiped out on a single property deal. It’s unacceptable that the public are being kept in the dark."
