Council votes to put derelict site back on market

One of the abandoned buildings on the Saxonvale site in the middle of Frome

A derelict site in the heart of a town centre is to be put back on the market.

Somerset Council has withdrawn its offer to exclusively sell the 12-acre Saxonvale site in Frome to Mayday Saxonvale, as the social enterprise has been unable to complete the sale due to a lack of funding.

Paul Oster, co-director of Mayday Saxonvale, said there had been "unforeseen delays" with their initial funding partner.

Bill Revans, the Liberal Democrat leader of Somerset Council, said: "Now we're in a position to be able to negotiate with Mayday, but also other potential developers."

Somerset Council leader Bill Revans said: "We want to bring this site forwards, it's crucial to the community"

At the meeting at Frome Town Hall, the councillors voted to put the site back on the open market.

"The most important thing for us is making sure this site gets developed well and as soon as possible," Mr Revans said.

Mayday Saxonvale was given exclusive rights to buy the site owned by Somerset Council in January, but was told it had to complete the transaction by the end of March.

Somerset Council said it had waited nine months and must now consider other options.

The local authority claimed it has had recent informal inquires from three other parties, which it said shows there is wider interest in the site.

Paul Oster, one of the directors of Mayday Saxonvale, believes a new deal can be done with the council

Ahead of the meeting, Mr Oster said: "With the unforeseen delays of our initial funding partner, we've worked tirelessly to honour the structure of the original deal.

"However, replicating the upfront land payment that this deal provided for, has not been possible."

He said that securing private investment for upfront land payments without detailed planning consent is "extremely challenging" in the current market.

"We're really frustrated that we're at this stage, but we do understand it and we're really confident that we still can provide value to the council and get this scheme delivered."

In a press release issued a few days before the meeting, Mayday Saxonvale revealed that the social enterprise had approached Somerset Council with a new offer, which the company said involved "a meaningful upfront sum and security for the remainder".

A spokesperson said the offer "reflects the current market realities while protecting public value and keeping the regeneration project on track".

The Saxonvale site in the centre of Frome has been derelict for more than three decades

Fiona Barrows, Frome Town Council leader, said: "I think it is a positive step forward.

"The deal that was agreed in January isn't working and they can't look at other options while being held to the offer made in January.

"This way they can look at different proposals."

The council's decision allows the local authority to withdraw from the current exclusive agreement with Mayday Saxonvale, but does not prevent Mayday Saxonvale from bidding again.