Glossary: Community Asset Transfer

Asset

An item of property in ownership, guardianship or lease. In terms of asset management, relates to land and buildings.

Asset of Community Value

Land or buildings recognised as such by designation by the local authority under the Community Right to Bid.

Power to dispose of assets

Public bodies have the necessary powers to dispose of land and buildings that they own. Normally this is for the best price obtainable. However, under the General Disposal Consent (England) 2003, local authorities can dispose at less than best price where the transfer furthers local social, economic or environmental wellbeing.

Community asset transfer

This is a change in the management and/or ownership arrangements of land or buildings, from a public body, (most commonly a local authority), to communities, (community and voluntary sector groups, community enterprises, social enterprises, etc). Terms are usually a long (25+ years) below market value lease, but occasionally freehold sales are undertaken.

Community assets, not liabilities

Community assets can help local organisations to develop a thriving and diverse civil society and promote long-term economic resilience in their neighbourhood. However, land and buildings are only assets if their use is capable of generating an income that covers their on-going running costs.

Development Trust

A community-led and -run organisation, concerned with the economic, environmental and social regeneration of a defined geographical area.

Green space

Land that is partly or wholly a natural environment, e.g. grass, trees, shrubs, or other vegetation. Typically, green assets include fields, parks, woodlands, gardens, orchards, allotments and cemeteries.

Heritage asset

A building, monument, site, place, area or landscape positively identified as having a degree of heritage significance meriting consideration in planning decisions. Heritage assets are the valued components of the historic environment. They include designated heritage assets (as defined in the National Planning Policy Framework), and assets identified by the local planning authority during the process of decision-making or through the plan-making process (including local listing).

Maintenance

Routine work, both reactive and cyclical, necessary to keep the fabric of an asset in appropriate condition.