More than a quarter of a million pounds has been raised through the Mayday Saxonvale Community Share Offer less than a week after it opened to the public.
Over 260 people have now invested over £256,000 in the campaign to bring Saxonvale, a 12-acre regeneration site in the centre of Frome, into community ownership.
The investment cam-paign allows people to buy community shares in Mayday Saxonvale Community Benefit Society to help fund a bid to purchase and regenerate the town centre site. The group says that if successful, Saxonvale would become one of the UK’s largest and most ambitious community-led regeneration projects.
The campaign is aiming to raise a minimum of £1.5 million from the community alongside £1.2 million of secured social impact lending from Resonance, creating a minimum £2.7 million funding package to support a bid for the site.
Mayday’s proposals include around 263 homes, more than 10,000 sqm of commercial and community space, workspace for local businesses, public areas, riverside access and long-term community ownership of key assets.
The group says its model is structured so that long-term value generated from the site is retained locally and reinvested into the town over generations.
Anita Collier, director of Mayday Saxonvale and the first investor, said, “This is such an emotional moment for me. I’ve lived in Frome for over 60 years. I remember Saxonvale from my childhood, full of vibrancy and life. It’s my dream to bring that back to the site and to our town.
“I’m honoured to be the first person to buy community shares to help bring our town centre into community ownership and regenerate it for future generations.
“What has been incredible is seeing so many people immediately join us and invest alongside me. We have been completely blown away by the level of support already. It shows just how many people believe in what we are trying to achieve together, not just for Saxonvale, but for the future of our town and for communities everywhere.”
The share offer runs until 10th July. Investment starts from £250, with individuals able to invest up to £50,000 and organisations up to £100,000. The society is targeting interest payments of 5% per annum, with investors eligible to request withdrawal of shares from year five, although returns are not guaranteed. Investors become members of Mayday Saxonvale Community Benefit Society on a one-member-one-vote basis regardless of investment size.
The project is also backed by a wider professional team including Stories, Studio Saar, Landstory and Frome Area Community Land Trust.
A community investment warning applies, as returns are not guaranteed. Prospective investors are advised to read all offer documents in full before committing.
The share offer is now open via Crowdfunder, with full details available at maydaysaxonvale.co.uk
