Residents of Frome have a unique opportunity to become part-owners of the Saxonvale regeneration site through a new community share scheme launching later this month.
Mayday Saxonvale, the group behind the vision for this key brownfield site in Frome town centre, plans a major redevelopment featuring over 260 homes, commercial spaces, a cultural centre, and a lido. However, the project has faced significant delays, with Somerset Council voting in October to put the site on the open market in spring 2026 due to Mayday Saxonvale’s funding challenges.
To overcome financial hurdles and keep the project community-led, Mayday Saxonvale has secured £1.2 million from the Resonance community developers fund, supported by the Ministry of Housing, Communities and Local Government (MHCLG). Alongside this funding, the organisation is launching a community share offer through the Mayday Saxonvale Community Benefit Society.
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This scheme allows local residents and supporters to invest directly in the regeneration project, requiring a minimum investment of £250. Each investor gains one vote in the society, ensuring democratic control regardless of investment size. These combined funding streams aim to position Mayday Saxonvale to purchase the site when it goes on sale in early 2026.
Jon Rolls, head of developing communities at Resonance, highlighted the importance of community ownership for sustainable development: “Affordable housing and community facilities owned by local people can make neighbourhoods more resilient. We encourage Frome residents to seize this once-in-a-lifetime opportunity to shape their town’s future.”
Mayday Saxonvale Chair Brigid Clarke emphasised the significance of the project: “Saxonvale is Frome’s last major town centre development site and will influence the town’s future for generations. We’ve worked tirelessly to keep it in community hands. This new funding allows us to invite the community to become co-owners. If we don’t act now, Saxonvale could be sold to private developers focused on profit, with benefits leaving our town.”
The council remains committed to ensuring the site’s development enhances Frome’s town centre. A spokesperson stated, “After 18 months of negotiations with Mayday Saxonvale, the council has removed exclusivity rights due to funding uncertainties. The site will be marketed openly next spring to achieve the best outcome for the community.”
For those interested in joining the community share initiative, registration and further information will soon be available at www.maydaysaxonvale.co.uk. This initiative represents a genuine, people-powered chance to retain local value and shape Frome’s future.