At an Extraordinary Executive meeting held in public at Frome Town Hall today (Friday, 24 October), Somerset Council Members voted in favour of exploring alternative options for the 12-acre site, including an open market sale.
The action was prompted because despite extended timelines and much goodwill, funding had not been secured to complete the purchase of the site by Mayday Saxonvale Development Ltd.
The decision removes the exclusivity agreement with Mayday Saxonvale and withdraws the existing draft contract of sale.
Members were keen to stress that removing the exclusivity agreement from Mayday Saxonvale did not prevent further dialogue with them. And they acknowledged the significant effort demonstrated by the developers and its partners in seeking a popular community-led regeneration scheme.
Addressing the audience in the packed Town Hall, Leader of Somerset Council, Cllr Bill Revans, explained that the Council must consider its responsibility to deliver financial certainty for the public.
He said:
It’s important to stress that Somerset Council has done everything reasonably possible to support the completion of the deal with Mayday. This includes allowing time for funding arrangements to be finalised, engaging constructively with revised proposals, and maintaining open dialogue throughout.
Nonetheless, in the absence of a fully funded and deliverable offer, the Council must now explore alternative options.
Following the unanimous decision, the Council will now look to sell the site on the open market and welcomes all and any viable proposals for the site that meet its requirements for financial security and best consideration.
Cllr Revans concluded proceedings by reiterating:
Somerset Council remains committed to delivering a high-quality, mixed-use development that benefits Frome and the wider community.
