Council may sell assets to fund £30m Shakespearian Guildhall revamp
Plan to restore historic Guildhall may involve selling council-owned land and buildings
West Norfolk councillors are considering selling underperforming assets to help fund a £30 million redevelopment of the Guildhall in King’s Lynn – Britain’s oldest working theatre, linked to William Shakespeare.
A crunch meeting next week will decide whether to go ahead with the regeneration, which would require the council to borrow £16 million.
Critics say the plan risks leaving a “legacy of debt”, with annual interest of £800,000.
Deputy council leader Simon Ring said officers are identifying “underperforming capital assets” that could be sold to reduce the financial burden. Councillors have already agreed in private to sell a plot of land worth £575,000.
He also cited opportunities for grant and philanthropic funding, noting that costs have increased due to the project's expanded scope and discoveries linking the site to Shakespeare.
Failure to proceed would also force the Town Deal Board to return £12 million in government funding and leave the historic building in a dilapidated state.
Mr Ring said: “This is a once-in-a-generation opportunity to deliver something world-class for our community and economy.”