“THERE’S still time to make this work – if we work together.”
Those were the words of Mayday Saxonvale ahead of a meeting to discuss the future of the troubled Frome site.
The community group, which was picked as the preferred buyer of the 12-acre site by Somerset Council in January, has been unable to complete the purchase due to a lack of funding.
Now, ahead of an Extraordinary Executive Meeting of Somerset Council on Friday (October 24), the group said it has come up with an “updated approach” to the deal which “reflects the current market realities while protecting public value and keeping the regeneration project on track”.
“With the unforeseen delays of our initial funding partner, we’ve worked tirelessly to honour the structure of the original deal,” a spokesperson said.
“However, replicating the full or substantial upfront land payment that this deal provided for has not been possible.
“The council has confirmed the door is not closed and has agreed to meet in the weeks following the Executive Committee meeting.
“We will put forward our revised proposal as a starting point for discussions, an approach that gives Mayday the ability to progress detailed planning and unlock further investment.”
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Councillors agreed the sale to Mayday Saxonvale after housing developer Acorn pulled out of a deal in a shock move, following pushback from the community.
However, in recent weeks, Somerset Council revealed Mayday Saxonvale had failed to provide proof of funding for the venture, so the sale had not proceeded – and called Friday’s meeting to discuss next steps, including the potential relisting of the site for sale.
The Mayday Saxonvale statement added: “We are seeking a structure that works for the council, for our community, and for investors who want to see this project succeed.
“Saxonvale has been a contention for years and years because no other developer could bring forward a truly mixed-use development that delivers what our community needs.
“Selling to a private developer now would only repeat the same cycle as before.
“After land and profit are taken, there simply isn’t enough value left to fund the affordable housing, workspace, community assets, and public realm that our town needs.
The Saxonvale site Picture: Mayday Saxonvale
“Our not-for-profit model is the only way to deliver that ambition. A genuine mix of homes, workspaces, public spaces, and community facilities, aligned with the council’s own Local Plan and the town’s priorities – a true regeneration project we can all be proud of.
“There’s still time to make this work – if we work together.”
When the meeting was announced, council leader Bill Revans (Lib Dem, North Petherton), 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 regards the completion of the sale of this Frome site.”
He added: “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.”
READ MORE: Frome news from your Somerset Leveller
the affordable housing needs gardens to make them good for the environment eco friendly and for nature bees and birds to have habitat, also of road parking