Asset of Community Value
Under the Localism Act, we are required to maintain a list of ‘community assets’ which can include either land or buildings. The building or land is likely to be considered an asset of community value if -
- its actual current use furthers the social wellbeing and interests of the local community, or a use in the recent past has done so
- the use is not ancillary to another purpose
- it is realistic to think that there will continue to be a use which furthers the social well-being and interests
or
- for land in community use in the recent past, it is realistic to think that there will be community use within the next 5 years. In either case, whether that use is exactly the same as the present or past
- it does not fall within one of the exemptions. The exemptions are set out in Schedule 1 to the Assets of Community Value Regulations and include privately owned residential property and land. Although, land can be listed if an otherwise eligible building is partly used as a residence, temporarily unoccupied residences, holiday lets and caravan sites
Social interests are defined in the act as including -
- cultural
- recreational
- sporting
In determining whether a nominated community asset should be listed, we take all relevant matters into consideration.