A recent revelation about the Crown Estate’s sale of the Orchard Portman Estate has sparked outrage, as it could potentially cost taxpayers £140 million. Sold to Taylor Wimpey for just £12.5 million in 2018, the 1,100-acre estate lacked an uplift clause, which would have allowed the Crown Estate to benefit from any future increase in land value.
The proposed development of ‘Taunton Garden Village’ on this land, which could accommodate up to 7,000 homes, raises significant concerns. If the development goes ahead, estimates suggest the land’s value could soar to £560 million. Without the uplift clause, the public purse misses out on a substantial windfall.
Campaigners and local politicians are now calling for a thorough investigation into the sale, questioning whether the public interest was adequately safeguarded. The deal has been described as unusual, with critics highlighting flaws in the governance of the Crown Estate.
Both the Crown Estate and Taylor Wimpey have defended the transaction, stating that it followed a competitive market process and met all necessary regulations. However, the implications of this sale could reverberate across local development and public finances for years to come.
Source: GB News
