Somerset Council will vote to reconsider its position on the sale of the derelict Saxonvale site in Frome.
Councillors agreed to sell its brownfield Saxonvale site to social enterprise Mayday Saxonvale Development Limited in January, however proof of funding to complete the purchase has not yet been demonstrated.
A draft contract of sale was issued to the purchaser on 28 February, ahead of a proposed completion by 31 March 2025.
No contracts have since been exchanged due to the absence of funding, according to Somerset Council.
The buyer proposed more than 260 homes, a lido and a commercial space for the 12-acre site.
An extraordinary meeting will be held at Frome Town Hall on 24 October to solely consider the future of the site and any alternative routes to dispose of it.
Leader of Somerset Council, Cllr Bill Revans, said: “Discussions have been ongoing, and we have been supporting the purchaser to complete the sale and to deliver the much needed regeneration for the site.
“However, to date, the purchaser has not yet been able to provide tangible proof of funding.
“So here we are, many months on, and frustratingly for all concerned, there’s still no movement with regards the completion of the sale of this Frome site.”
Cllr Mike Rigby, lead member for economic development planning and assets, dded: “We have given Mayday Saxonvale Development Ltd every opportunity to provide tangible proof of funds and present a meaningful timeframe.
“Neither have materialised, despite several meetings and many promises – going back to July 2024.
“Somerset Council and the Frome community want to see this site in the heart of the town developed. The Council has no choice but to revisit its options.
“We note Mayday Saxonvale Development Ltd has just appointed a new Board of Directors. We would not be looking to exclude them from any future conversations.
“They would however lose their exclusivity status regarding this site should Executive Members be minded to vote to consider alternative routes to disposal 24 October.”
Image: Somerset Council
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