LOCALS are being invited to invest in the future of Frome’s Saxonvale regeneration site through a new community share scheme launched by the site’s Community Benefit Society (CBS).

Mayday Saxonvale has been seeking to implement its vision for the brownfield site in town centre, which includes more than 260 homes, commercial space, a cultural centre and a lido.

Attempts to redevelop the site have been subject to numerous delays, with Somerset Council’s executive committee voting in late-October to put the land on the open market in the spring of 2026 after Mayday Saxonvale struggled to come up with the necessary funds to acquire it.

Mayday Saxonvale, backed by central government funding, has now launched a community share scheme, giving locals a chance to part-own the site when it officially goes up for sale.

The proposal includes 263 homes, with at least 30 per cent designated as affordable and a stretch target of 50 per cent, alongside more than 10,000 square metres of commercial and community space, including an enterprise centre and a community kitchen.

Plans also include a cultural centre within the western warehouse, a riverside park and children’s play area, improved cycle links between the site and Vicarage Street, the realignment of the A362 Garsdale roundabout with £246,000 allocated towards improvements at the Gorehedge junction, new public open spaces, a hotel and spa, a lido, and almost £828,000 earmarked for improvements to local schools.

Following the council’s decision in October, Mayday Saxonvale has secured £1.2-million from the Resonance community developers fund, which is backed by the Ministry of Housing, Communities and Local Government (MHCLG).

The accompanying community share offer, which will officially launch in late-January 2026, will allow local residents and supports to directly invest in the Saxonvale site through the newly-incorporated Mayday Saxonvale Community Benefit Society.

Each member of this benefit society can vote on the future direction of the project, with a minimum investment of £250 being required and each member receiving one vote regardless of the size of their investment.

These two funding streams should ensure that Mayday Saxonvale has sufficient liquid assets available when the council puts the site on the open market in early-2026.

Jon Rolls, head of developing communities at Resonance, said: “We support communities to own and develop assets in their local neighbourhoods, because we believe this helps communities to be more sustainable and resilient.

“We hope that the community gets behind this once-in-a-lifetime chance to steer the regeneration of Frome.”

Mayday Saxonvale submitted a further offer to the council in November, seeking a way forward which “protects public value and gives time for the community to raise the necessary funds”.

As part of this, Mayday Saxonvale asked for confirmation of how economic and social value would be weighted in assessing offers for the site, and has not received a response as of December 18.

For further details of the community share offer, or to formally register your interest, visit www.maydaysaxonvale.co.uk

Somerset Council has been approached for comment by the Local Democracy Reporting Service.