Southampton Council in potential move to sell off authority assets
Councillors in Southampton are reportedly poised to sell off assets of the authority as part of a programme to raise up to £85 million.
The 'asset development and disposal programme' could bring in the cash over the next two years, according to a council report, it was reported.
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Much of the funds would come from selling the authority's assets, with other sources being council tax, business rates and revenue savings.
It comes as Southampton City Council needs to save millions and is asking for an exceptional support package from the Government.
The council report was quoted as stating: "The Asset Development and Disposal Programme (ADDP) will be undertaking a review of all corporate and operational assets and commercial and investment assets to identify if best consideration would be achieved by retention, development or disposal.
"The outcomes expected from this programme include the development of homes, commercial premises/businesses, jobs, learning and skills opportunities, enhanced public realm, increased spending in the city supporting culture, restaurants, and retail."
The council's Labour cabinet reportedly agreed to spend £1.12 million on 'transformation work' with over £500,000 of this set to be poured into a major review of its assets, commercial deals and investments.
