A building or other land is an asset of community value if its main use is or has recently been to “further the social wellbeing or social interests of the local community” and it could do so in the future.
The Act defines assets of community value in terms of:
- Their PURPOSE – the purpose to which they are being or have been used, rather than the nature of the asset itself – i.e. not in terms of any historical or architectural merit or location or rarity value.
- Their LOCATION – local authorities will handle assets of community value nominations within their local area – they are expected to co-operate with the neighbouring authority if the site of an asset of community value crosses the boundary.
- Their OWNERSHIP – all ownership, whether publicly or privately owned.
The diagram below summarises the overall definition of what constitutes an ‘asset of community value’. If you nominate an asset and it meets the definition, the local authority must list it.