'Milestone' decision on derelict town centre site

A former industrial site in the heart of a town centre, which has been derelict for more than 30 years, will be sold to an investment company.

Somerset Council announced real estate investment managers Newcore Capital was its preferred buyer for the 12-acre Saxonvale site in Frome, which it owns.

The London-based company said it was "delighted" and would "work closely with the people of Frome" to develop plans for the site which could include homes and community facilities.

More than 100 people attended the council's meeting at Frome Town Hall supporting an alternative, community-led scheme put forward by social enterprise Mayday Saxonvale.

Mayday Saxonvale had previously been given planning permission and had an exclusive agreement with the council to buy the site, but that deal fell through after the social enterprise failed to secure funding.

Frome architect Jonny Buckland, who worked on the previous Mayday Saxonvale plans, said it was "heartbreaking" that another developer had been chosen.

He said: "That just goes to show how difficult it is for community groups to get the support they will need to be successful and it's a longer journey and it's a harder journey sometimes for people trying to do things a little differently."

Councillor Mike Rigby, the council's Liberal Democrat lead member for economic development, planning and assets said: "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.

"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."

Newcore Capital described itself as a specialist investor in social infrastructure and is an accredited B Corporation which it said means it has to "invest responsibly for the long term, creating a positive impact for people and planet".

Hugo Llewelyn, chief executive officer of the organisation, said: "Our ambition is to re-stitch Saxonvale into Frome, celebrate its heritage, put nature and liveability at the heart of the proposals and create places and community assets that can be stewarded for the long term."

The company said it would meet with community groups and hold a series of engagement sessions over the coming months, with emerging proposals likely to include "a range of new homes, community facilities including space for local artists, open space and new car parking".

Any future development will need to gain planning permission.

The council said eight bids were made for the site and its criteria for choosing Newcore included the financial offer, proof of funds, experience, track record and how quickly it could complete the purchase.

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