The director of Mayday Saxonvale has said an "initial positive meeting" has been held with Somerset Council over the regeneration of a key site in Frome.

Following Acorn Property's decision to drop out of the scheme to redevelop the Saxonvale site, Mayday has resumed discussions with the local authority and says it "looks forward to continuing an open dialogue" and moving forward with the sale of the Saxonvale site "for our community".

"Community-led development at scale is relatively new, and therefore our aim is that through these discussions the council will fully appreciate the resilience of the model we are putting forward," director Paul Oster said.

"Compared to a conventional developer, we are lower risk.

"With one project we have only one focus, one which is not leveraged and we have more diverse sources of funding available.

"Our aim is to transform Saxonvale as a mixed-use urban regeneration project in a way that puts Frome first at every stage. We are in it for the long term. The future impact on Frome is central to all our thinking, and our plan will enhance the future resilience of Frome through community ownership.

"By retaining and reinvesting profits for the benefit of our town, we will generate social, economic, and community wealth to ensure Saxonvale contributes to the health and vitality of Frome and Somerset."

The Mayday Saxonvale bid included the following:

• 263 homes, of which at least 30 per cent will be affordable (with a stretch target of 50 per cent)
• At least 10,000 sq m of commercial and community space
• A riverside park and children's play area
• Improved cycle links between the site and Vicarage Street
• The realignment of the A362 Garsdale roundabout and £246,000 towards improving the Gorehedge junction
• New public open spaces
• A hotel and spa
• A lido
• Nearly £828,000 for improving local schools