Supporters of Mayday Saxonvale have been left heartbroken after Somerset Council announced the Saxonvale site in Frome town centre would be sold to Newcore Capital instead.
Attempts to redevelop the brownfield site have been subject to numerous delays, with the council putting the land on the open market in the spring of 2026 after Mayday Saxonvale struggled to come up with the necessary funds to acquire it.
Mayday Saxonvale subsequently raised more than £959,000 towards purchasing the site through its community share offer, in addition to securing £1.2m from the Resonance community developers fund, backed by central government.
Its bid was one of eight which the council weighed up before a crucial meeting of its executive committee in Frome on Wednesday 23rd September, attended by numerous Mayday Saxonvale supporters and investors.
But the council ultimately shot their bid down in flames, with councillors voting to move forward with proposals from Newcore Strategic Situations 6 Ltd, a London-based firm specialising in “social infrastructure”.
Alongside the financial offer of each party, other criteria used to select the preferred bidder included the proof of funds, transaction time-scales, experience and track record.
The sale will be completed on an unconditional basis, with Newcore committing to holding “community engagement events to listen to local stakeholders and explore priorities for the site” once the acquisition is complete.
Councillor Mike Rigby, portfolio holder for economic development, planning and assets, said, “This is an important milestone for the future of the site, and we are confident this will lead to a positive outcome for the town.
“We absolutely understand the strength of feeling in Frome, and we recognise and respect the many years of work put in by so many local people with the aim of regenerating this site.
“We share that ambition. Over recent years we have tried different approaches, including a community-led proposal, but none progressed into a deliverable solution.
“In coming to today’s decision we have had to focus on financial robustness of the bids, certainty of funding, risk and our statutory duty to demonstrate best value.”
Newcore Capital describes itself as “a specialist investor in social infrastructure real estate”, with the majority of its projects focussed in London and the south east.
Their previous projects include the Droitwich Medical Centre north of Worcester, the Welcome Break services at South Mimms in Hertfordshire, the conversion of a former Cambridge oil storage facility into a retirement community, and numerous special needs schools in the Greater London area.
“It feels like today was a box-ticking exercise and it feels like once again people of Frome haven’t been listened to.”
Director of Mayday, Paul Oster said, “They have washed their hands of the site. That was the only objective. All of the questions at that final session were all just about proof of funds. This was simply a transaction. Nothing more, nothing less.”
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