Anything but South Somerset
Another day and another property deal at South Somerset District Council.
I need hardly add this is not in South Somerset, that would be unfashionable. Instead the property team at SSDC have rather generously decided to invest in a site at Glastonbury in Mendip. I’m not sure what Mendip District Council think about that, but they have tended to be more cautious than there South Somerset cousins.
Still it is supporting jobs and investment in Mendip which is a good thing for Somerset as a whole.
From a South Somerset point of view the latest investment will, according to SSDC return a yield of 7.29%. They have bought a branch of DIY and home improvement warehouse B&Q.
They shelled out £4,405,000 for a 27,000 square foot retail warehouse, with 8,000 square foot external garden centre and 4,000 square foot secure delivery yard. It has been tenanted by B&Q since its construction with an unexpired lease term of seven years.
This is beginning to sound like someone or a group “someones” are creating an ‘Empire”, Why in gods name are they spending 4.5 Million pounds of OUR money investing in ” Property” outside the area. Just to get a return on funds!!!!! They should be using for the greater good of council tax payers for the area, Why not invest to help St. Margarets Hospice. I think its time this was talked about further up the Political tree and at national level…….Hey Westminster wanna see what SSDC are doing with money you and we give to them. !!!!!!!! Lets see if that gets past the “all thing Brexit” road block.