Assets of Community Value
Our first (unexpected) action when we formed the CIC was to research how to have an input to any possibility of the building known as “The Castle” being sold. The owners, Cambridgeshire County Council, felt they had no real use for it and wanted to look at selling it on to raise funds. There was little publicity at first, but through other connections, a few people found out about it and discussed ways to save it for the town, if that was desirable or possible.
Having heard of the idea of asset transfer, research was done and it was found that registering it as a local community asset would put a hold on any sale or lease that would take it out of community use. The process was fairly simple as a CIC, so this was done and it was fantastic to be there to see the District Council agree that it was indeed a community asset and should be registered as such.
This meant that any sale, or qualifying lease, would have to go through a moratorium process and give any community group an opportunity to make an offer or enter into a lease.
Have a look at the Locality website for all the details, and the law itself is on the government’s legislation website.