What is an Asset of Community Value?
An Asset of Community Value is defined as: A building or other land is an asset of community value if its main use has recently been or is presently used to further the social wellbeing or social interests of the local community and could do so in the future. The Localism Act states that ‘social interests’ include cultural, recreational and sporting interests.
Assets of Community Value need to be registered with a Local Planning Authority by a voluntary or community body with a local connection (for example a Parish Council). Once listed, if an Asset of Community Value comes up for sale, the community have an opportunity to make a bid to purchase the asset. Initially there will be a period in which communities can express an intention to bid for an asset, this is followed by a period during which communities can prepare their bid. The owner cannot dispose of the asset during this time. The owner is under no obligation to accept the bid – the provisions do not restrict who an owner can sell their property to or at what price and communities bidding have no right of first refusal.
Relationship to Planning
An Asset of Community value listing does not place any restriction on what an owner can do with their property, once listed, if it remains in their ownership. This is because it is planning policy that determines permitted uses for particular sites. However the fact that the site is listed as an ACV may affect planning decisions – it is open to the Local Planning Authority to decide that listing as an asset of community value is a material consideration if an application for change of use is submitted, considering all the circumstances of the case.
My Community – Assets of Community Value - https://mycommunity.org.uk/what-are-assets-of-community-value-acv
The Assets of Community Value (England) Regulations 2012 - http://www.legislation.gov.uk/ukdsi/2012/9780111525791/regulation/5
Additionally, your Local Planning Authority will be able to provide you with information on the process for registering Assets of Community Value within your area and a list of assets which are currently registered. This information is usually available on the Council’s website.