Somerset Council approves sale of Saxonvale site in Frome
Council selects Newcore Capital for Saxonvale site with community engagement planned
Somerset Council has moved forward with the sale of the Saxonvale site in Frome to real estate investment managers Newcore Capital.
On Wednesday 23rd September, the Council's Executive returned to Frome to review eight bids received for the 12-acre brownfield site.
They approved an unconditional sale to Newcore as the preferred bidder, ending previous unsuccessful attempts to regenerate the site.
The decision was made by considering each party's financial offer, proof of funds, transaction time-scales, and track record.
The full list of recommendations and details can be found in the Council’s Executive report, although some appendices remain confidential.
Councillor Mike Rigby, Somerset Council’s Lead Member for Economic Development, Planning and Assets, acknowledged the significance of this milestone for the future of the site.
Councillor Rigby said, "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."
He highlighted the strength of feeling within the community and the ambition shared by many local stakeholders for site regeneration.
Rigby added, "Over recent years we have tried different approaches, including a community-led proposal, but none progressed into a deliverable solution."
The Council focused on the financial robustness of the bids, certainty of funding, and statutory duty to demonstrate best value.
Any future development proposals for Saxonvale will go through a planning process and include community engagement.
Newcore Capital plans to arrange a series of community engagement events to listen to stakeholders and explore site priorities.
Somerset Council aims to work with Frome Town Council, residents, businesses, and Newcore to unlock the site’s potential.
The timeline of events leading up to today’s decision include Mendip District Council's purchase of the site in 2018, and various attempts by Mayday Saxonvale Development Ltd and Acorn Property Group to acquire the site.
May 2026 marked the confirmation that Saxonvale would be marketed through an open and competitive sales process, leading to the current decision.
Unconditional offers were preferred as they supported the Council’s obligation under Section 123 of the Local Government Act 1972 to secure best consideration for the site's disposal.