A SOMERSET Council property that cost almost £8m is now being marketed with a guide price of £2.8m.

The council confirmed that JLL was instructed to sell the Marks & Spencer building in Yeovil on Middle Street, which is a legacy investment purchased by South Somerset District Council for £7.7m, for £2.8m.

The council’s deputy leader, councillor Liz Leyshon, said the authority “will seek to secure the best value for taxpayers,” but also added “we can only sell property in line with current market values”.

Somerset Council is also set to lose £7million on a building a predecessor district council purchased in 2021.

The former Somerset West and Taunton Council bought the Steelite International Limited building in Stoke-on-Trent for £21million three years ago, with total purchase costs further amounting to £22.7million.

Cllr Leyshone also said: “The financial emergency facing councils across the country is well documented and in Somerset we have needed to take many difficult decisions to bridge a funding gap of £100m for 2024/25.

“In response to our requests for exceptional financial support, the Government approved a capitalisation direction and encouraged us to sell commercial properties and use the receipts to fund essential services, like adults and children’s social care.

“Although we will seek to secure the best value for taxpayers, we can only sell property in line with current market values.

“It should be noted that many previous councils, including Somerset’s four district councils, followed Government encouragement to operate commercially as a measure to counter funding pressures in the long term.

“The situation has now changed, and we continue to call on the Government to take urgent action to fix the system of funding local government which is fundamentally broken.”

In November 2023 Somerset Council declared a financial emergency with budget papers showing a funding gap of £100m for 2024/25 – due mainly to an expected increase of £70m in the cost of adult social care.