A DRAFT contract for the sale of the Saxonvale site in Frome has been withdrawn from the Mayday community group amid an absence of funding for the scheme.

The future of the 12-acre former industrial site was the subject of an Extraordinary Executive meeting held at Frome Town Hall today (October 24).

Members of Somerset Council voted to explore alternative options, including a potential open market sale, as Mayday has not so far been able to provide proof of funding for the project.

However, a council spokesperson said the withdrawal of the agreement would not prevent Mayday returning with fresh proposals, should funding be secured, with a meeting planned in the coming weeks, according to the community group.

But a council spokesperson said the decision at today’s meeting meant the contract – and the exclusivity that went with it – was now withdrawn.

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“The decision means the draft contract with Mayday Saxonvale Development Ltd has been withdrawn in the absence of a fully-funded and deliverable offer from the developers,” they said.

“Members stressed that removing exclusivity from Mayday Saxonvale did not prevent further dialogue with them.

“The council welcomes any viable proposals for the site that meet its requirements for financial security and best consideration.

“And it remains committed to delivering a high-quality, mixed-use development that benefits Frome and the wider community.”

It comes after a long-running saga over the site, which saw property developer Acorn withdraw from the process in August last year, despite having been selected as the preferred buyer.

The Saxonvale site in Frome has been derelict for a number of years. Picture: Mayday Saxonvale

That opened the door for Mayday, who were awarded the sale soon after – but have since struggled to find the funding.

Before today’s meeting, the group said it was proposing an “updated approach” to the sale, and would be meeting with the council in the coming weeks to discuss what happens going forward.

A spokesperson said then: “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.”