Somerset Council Sells Saxonvale Site to Newcore Capital

The Somerset Council rejected a community-led bid from the Mayday Saxonvale project to develop a 5-hectare brownfield site in Frome, Somerset. Despite the community project securing nearly £1 million from over 1,000 residents and an additional £1.2 million from the social impact fund Resonance, the council sold the land to Newcore Capital, a Soho-based real estate investment company, for an estimated £3 million.

Mayday Saxonvale had proposed the UK's largest community-led regeneration project, which included affordable housing, workspaces, a lido, and a riverside park. Local officials and residents criticized the council's decision, with some describing the process as a "stitch-up" and alleging a lack of transparency in how the land was disposed.

Newcore Capital stated it is committed to working with the local community. The company plans to develop the site with a mix of new homes, intergenerational accommodation, and community facilities, including open space, car parking, and areas for local artists.