Somerset West and Taunton Council has purchased Taunton’s iconic Gaumont Theatre building as an investment opportunity.
The Grade II listed building which was opened as the Gaumont Palace Theatre in 1932 and is now home to Mecca Bingo was bought for £2.1 million.
Although it now forms part of the council’s asset portfolio, it will remain operational as a bingo hall.
Rent received by the council from this investment will cover the cost of the purchase and provide essential additional income towards the costs of delivering services locally.
Cllr Marcus Kravis, executive member for assets and economic development, said:
“Somerset West and Taunton Council is investing in a range of assets as part of its commercial investment strategy to help generate income to protect services and fund new projects.
The council undertakes thorough and robust analysis to support this kind of investment decision, and has carefully considered the risks involved whilst achieving a good return on investment for the benefit of the local communities we serve.”