Key facts
- Somerset council chose a real estate investment company over a community bid for the Saxonvale site in Frome.
- The community bid, Mayday Saxonvale, had raised nearly £1 million from over 1,000 residents.
- The proposed community project included homes, workspaces, a riverside park, and a lido.
- Newcore Capital, based in London, was selected as the preferred bidder.
- Residents expressed anger and disappointment, with some in tears.
- The sale is unconditional, though Newcore Capital stated a commitment to working with the community.
Residents of Frome in Somerset have expressed deep disappointment and anger after Somerset council chose to sell the 5-hectare Saxonvale brownfield site to a London-based real estate investment company, Newcore Capital, over a community-led bid. The Mayday Saxonvale project, supported by over 1,000 residents who collectively raised nearly £1 million, aimed to develop the site into a mixed-use regeneration project featuring homes, workspaces, a riverside park, and a lido.
At a packed meeting in Frome town hall, the announcement of Newcore Capital as the preferred bidder was met with protests and dismay. Many residents fear that the unconditional sale will allow Newcore Capital to prioritize expensive housing and lucrative accommodation over the affordable homes and community facilities envisioned by the Mayday project.
Somerset council stated that it hoped the new owners would collaborate with residents, but acknowledged the sale was unconditional. The council also cited uncertainty about Mayday Saxonvale's full funding, despite the project having secured £1.2 million from the social impact fund Resonance and having other investors interested. The sale price for the land is understood to be around £3 million.
Newcore Capital, which has undertaken similar projects including a large development in east London and a care home in Cambridge, has stated its commitment to working with the Frome community to understand local aspirations and develop plans collaboratively. Their emerging proposals are expected to include a range of housing, intergenerational accommodation, community facilities, and open space.