‘Devastating’: council rejects Frome residents’ bid for regeneration project
Summary
Residents of Frome, a town in Somerset, England, raised nearly £1 million to fund a community-led project to develop homes, workspaces, and a park on a local site. However, the council decided to sell the land to a London-based real estate company instead, causing disappointment among the community members.Key Facts
- Over 1,000 Frome residents worked together to fund the Mayday Saxonvale project for local housing and workspaces.
- The development site covers about 5 hectares (12 acres) in Frome town center.
- Somerset council chose Newcore Capital, a real estate company from London, as the preferred buyer.
- The council’s decision was unconditional, meaning they sold the land without conditions requiring community involvement.
- Some local people fear the new owners will build expensive homes rather than affordable housing.
- The Mayday group had secured £1.2 million from a social impact fund called Resonance and had other investors interested.
- The council said Mayday might not have had enough funds to complete the project.
- The announcement process caused frustration and raised concerns among residents about fairness and transparency.
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