“Positive” discussions have taken place between Mayday Saxonvale and Somerset Council over the former’s plans to regenerate a key part of Frome town centre.

The Saxonvale site has been the subject of two competing proposals for its regeneration – one from the Bristol-based Acorn Property Group, the other from the locally-based Mayday Saxonvale.

Following a six-hour meeting on July 31, Somerset Council’s executive committee announced it would be selling the site to Acorn – only for Acorn to drop out 24 hours later.

Following this turn of events, Mayday Saxonvale announced in early-August that it had opened talks with the council, stating that it was in a position to begin work on delivering the new development very soon.

Mayday Saxonvale director Paul Oster said the initial meeting had been “positive” and hoped Somerset Council would “fully appreciate the resilience of the model we are putting forward” for the site.

The Mayday Saxonvale bid includes the following:

  • 263 homes, of which at least 30 per cent will be affordable (with a stretch target of 50 per cent)
  • At least 10,000 sq m of commercial and community space
  • A riverside park and children’s play area
  • Improved cycle links between the site and Vicarage Street
  • The realignment of the A362 Garsdale roundabout and £246,000 towards improving the Gorehedge junction
  • New public open spaces
  • A hotel and spa
  • A lido
  • Nearly £828,000 for improving local schools

Mr Oster said: “We have had an initial positive meeting with Somerset Council. We look forward to continuing an open dialogue and moving forward with the sale of the Saxonvale site for our community.

“Community-led development at scale is relatively new, and therefore our aim is that through these discussions the council will fully appreciate the resilience of the model we are putting forward.

“Compared to a conventional developer, we are lower risk. With one project we have only one focus, one which is not leveraged and we have more diverse sources of funding available.

“Our aim is to transform Saxonvale as a mixed-use urban regeneration project in a way that puts Frome first at every stage. We are in it for the long term.

“The future impact on Frome is central to all our thinking, and our plan will enhance the future resilience of Frome through community ownership.

“By retaining and reinvesting profits for the benefit of our town, we will generate social, economic, and community wealth to ensure Saxonvale contributes to the health and vitality of Frome and Somerset.”

If Mayday Saxonvale is given the green light at a future meeting of the council’s executive committee, the Frome Area Community Land Trust (FACLT) will be given the freehold for the site – allowing the affordable homes to be held by the town in perpetuity.

Somerset Council has declined to set a date for a future decision on the site – but did hint that the future of the site would be settled before Christmas.

A spokesman said: “Following confirmation from Acorn that they were withdrawing their proposal for the Saxonvale site, we opened discussions with the alternative developer, Mayday Saxonvale Development Ltd.

“We will work over the coming months with Mayday Saxonvale and their partners to discuss the benefits and risks of their proposal in more detail, with a view to taking a decision on the site later in the year.

“We continue to liaise with other key stakeholders, including Homes England and Frome Town Council.”