PEOPLE are being offered the chance to own a piece of the Saxonvale site in Frome – after the group behind a community housing scheme secured £1.2 million of government-backed funding.

Mayday Saxonvale, a not-for-profit community developer, hopes to create housing, commercial space and even a lido, at the former industrial site.

Having secured a deal to buy the 12-acre plot last year, Somerset Council is set to put Saxonvale back on the open market amid concerns over funding for the Mayday plan.

However, the group has now announced it has secured £1.2m government-backed funding – and is launching a Community Share Offer for a revised bid to buy the land.

The money comes from the Resonance Community Developers Fund, backed by the Ministry of Housing, Communities and Local Government. And the Community Share Offer hopes to raise enough money to buy the site when it goes up for sale in the coming months.

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“We’re inviting you to become a co-owner of the Saxonvale site, through our newly incorporated Mayday Saxonvale Community Benefit Society (CBS),” a group spokesperson said.

“You will have the opportunity to purchase shares in our CBS, which would own and develop the Saxonvale site.

“Our previous funding arrangement didn’t offer the ability to provide community shares at this stage.

“If we’re successful, Saxonvale will be brought into permanent community ownership, enabling us to protect it for future generations.”

The share offer will launch later this month, with investors becoming a co-owner of the site – with one member, one vote, regardless of how much they invest.

Anyone wishing to get involved can make a minimum investment of £250.

“Unless we act, Saxonvale will be bought on the open market by a private, profit-led developer, and any value created will leave the town, exactly what so many of you have helped us fight against over the past two years,” the spokesperson went on.

“This share offer is our chance to keep that value here, in Frome, and give you real ownership and long-term control over what happens next. Join us, and become a co-owner of Saxonvale, register your interest for our community share offer now.”

For more details on the offer, and how you can get involved, visit maydaysaxonvale.co.uk.

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