Somerset Council is reconsidering its position on the sale of the Saxonvale site, as proof of funding from Mayday Saxonvale Development Ltd to complete the purchase of the site has not been forthcoming.
An Extraordinary Executive meeting will take place at Frome Town Hall this Friday, 24th October, to consider alternative routes to dispose of the 12-acre site, which lies in the heart of Frome town centre. The meeting is open to the public.
Leader of Somerset Council, Cllr Bill Revans, said, “Discussions have been ongoing and we have been supporting the purchaser to complete the sale and to deliver the much-needed regeneration for the site. However, to date, the purchaser has not yet been able to provide tangible proof of funding.
“So here we are, many months on, and frustratingly for all concerned, there’s still no movement with regard to the completion of the sale of this Frome site.
“It’s important the council facilitates the development of the Saxonvale site for the residents of Frome, and that we achieve good value for the benefit of the taxpayers of Somerset.
“We have a requirement to achieve a capital receipt from the sale, to support our council’s financial position, plus achieve the savings in revenue costs which are currently being incurred to secure the site. We must therefore move forward with the disposal of Saxonvale.”
Frome was due to be a pioneer for a community-led development after Somerset Council unanimously agreed to sell the site to the not-for-profit group Mayday Saxonvale in January this year. Somerset Council issued a draft contract of sale on 28th February ahead of a proposed completion by 31st March, but no contracts have been exchanged due to the absence of funding.
Lead Member for Economic Development Planning and Assets, Cllr Mike Rigby, said. “We have given Mayday Saxonvale Development Ltd every opportunity to provide tangible proof of funds and present a meaningful timeframe. Neither has materialised, despite several meetings and many promises – going back to July 2024.
“Somerset Council and the Frome community want to see this site in the heart of the town developed. The council has no choice but to revisit its options.
“We note Mayday Saxonvale Development Ltd has just appointed a new Board of Directors. We would not be looking to exclude them from any future conversations. They would however, lose their exclusivity status regarding this site should Executive Members be minded to vote to consider alternative routes to disposal on 24th October.”
Earlier this month, Mayday Saxonvale Director Paul Oster said, that he was in “active discussions” with alternative backers for their vision for the site. He also said that while there is still work to do, the team were ‘encouraged’ by progress and remain cautiously optimistic.
The Mayday Saxonvale proposal includes 263 homes, of which at least 30 per cent will be affordable, with a stretch target of 50 per cent. It also features 10,000 sq m of commercial and community space, including an enterprise centre, community kitchen and cultural centre, a riverside park and play area, a hotel and spa, and a lido.
