Somerset Council is to move ahead with the sale of the Saxonvale site in Frome to specialist real estate investment managers Newcore Capital.
The Council’s Executive previously agreed to sell the 12-acre brownfield site on the open market after previous attempts to regenerate the site were unsuccessful. Today (Wednesday 23 September), Executive members returned to Frome to consider the eight bids received and approve an unconditional sale to Newcore as the preferred bidder.
Alongside the financial offer of each party, other criteria used to select the preferred bidder included the proof of funds, transaction time-scales, experience and track record.
As outlined in the full recommendations to the Council’s Executive (available here), the sale of the Saxonvale site to Newcore Capital will now proceed.
The investor has committed to arranging a series of community engagement events to listen to local stakeholders and explore priorities for the site.
Councillor Mike Rigby, Somerset Council’s Lead Member for Economic Development, Planning and Assets said:
This is an important milestone for the future of the site, and we are confident this will lead to a positive outcome for the town.
We absolutely understand the strength of feeling in Frome, and we recognise and respect the many years of work put in by so many local people with the aim of regenerating this site.
We share that ambition. Over recent years we have tried different approaches, including a community-led proposal, but none progressed into a deliverable solution.
In coming to today’s decision we have had to focus on financial robustness of the bids, certainty of funding, risk and our statutory duty to demonstrate best value.
Any future development proposals for the Saxonvale site will need to go through the planning process and this will include engagement with the local community and stakeholders. We look forward to working closely with Frome Town Council, residents, businesses and Newcore to help unlock the site’s potential and enable the regeneration that the people of Frome have waited many years to see.
Saxonvale timeline:
• 2018: Mendip District Council purchased the 12-acre brownfield site.
• July 2024: Somerset Council’s Executive considered a range of options for the site, including unconditional offers from Mayday Saxonvale Development Ltd and Acorn Property Group. Acorn were successful but withdrew 24 hours later stating they could not deliver the scheme without local support.
• January 2025: Executive agreed unanimously to sell to Mayday Saxonvale Development Ltd. A draft contract of sale was issued in February, ahead of proposed completion by end of March 2025. However, despite ongoing discussions, no contracts were exchanged due to the absence of proof of funding.
• October 2025: Executive agreed to remove exclusivity rights as Mayday had been unable to secure funding to buy the site. The Council resolved to explore alternative options, including an open market sale, to secure best consideration.
• May 2026: The Council confirmed the Saxonvale site would be marketed through an open and competitive sales process.
Bids were invited on an unconditional or conditional (subject to planning) basis, with a preference of unconditional proposals communicated to interested parties. Unconditional offers better support the assessment of the Council’s obligations to secure best consideration for the disposal of the site, under Section 123 of the Local Government Act 1972.
*You can read the report here and papers here.
Please note some of the appendices to the report contain confidential information and are not publicly available.
