Nominating an asset as an Asset of Community Value (ACV)
What listing an asset as an ACV means
If listed the asset will be added to the list of Assets of Community Value Register, where it will remain for up to five years. During this time if the owner decides to dispose of the asset then the Community Right to Bid (CRB) comes into force.
What will listing an asset as an ACV achieve?
- If an asset is listed as an ACV it prevents the asset owner from selling the asset, for up to 5 years, without the nominating group being given the chance to bid for it
What won’t listing an asset as an ACV achieve?
- Being listed as an ACV won’t stop the asset from closing i.e. if the owner decides that the asset is no longer viable they have the right to close it
- Being listed as an ACV won’t force the asset owner to dispose of the asset
- Being listed as an ACV won’t reduce the price of the asset, it will be sold at Market Value
- Being listed as an ACV won’t oblige the owner to enter in to any negotiations with you about your bid
- Being listed as an ACV won’t give the nominating group ‘preferential treatment’ in respect of their bid to purchase it. The asset owner will assess all bids that are submitted and, after the ‘protected timescale’, they can choose to sell it on the open market to whoever they choose
As this process is both complex and legalistic, we strongly encourage any group who is interested in nominating an asset to engage in discussions before making a nomination by contacting firstname.lastname@example.org
Who can nominate?
If your group has a local connection to the asset being nominated and you are:
- An unincorporated body – (i) whose members include at least 21 individuals registered to vote in the Southampton area and (ii) which does not distribute any surplus to its members *See below
- A body designated as a Neighbourhood Forum pursuant to section 61F of the Town and Country Planning Act 1990(b)
- A Charity
- A Community Interest Company
- A Company Limited by Guaranteed which does not distribute any surplus it makes to its members
- An industrial and provident society which does not distribute any surplus it makes to its members
* Unincorporated Groups
Since the introduction of Community Right to Bid Legislation the law has changed and as such if you apply to nominate an asset as an Asset of Community Value as an unincorporated group, you will be required to adopt and submit a Constitution as part of your nomination. We are unable to accept nominations without this.
Once complete please submit your nomination form to:-
Whilst email is our preferred method of receiving nominations you can also post your application to:-
Southampton City Council,
Corporate Estate & Assets
Ground Floor West
Civic Centre Road
Southampton SO14 7LY
What happens once an ACV nomination is received?
On receipt of a valid nomination form the council will notify:-
- The nominee that the nomination form has been received and the date the decision will be made.
- The council has 8 weeks to make its decision.
- The owner of the asset to inform them that a nomination has been made.
- The occupants or tenants of the asset to inform them that a nomination has been made.
Successful nomination of an ACV
If the asset is considered to be an Asset of Community Value, all interested parties will be informed and it will be added to the Assets of Community Value Register, where it will remain for up to five years.
- If the asset is listed the asset owner can ask for a review by the Council of its decision
- If the owner does not agree with the review decision, they can appeal to an external independent body
- Nominees are not able to appeal the decision made in respect of the asset
Unsuccessful nomination of an ACV
If the asset is not considered to be an Asset of Community Value, all interested parties will be informed. The asset will then be listed on the Unsuccessful Nominations Register for up to five years, during which time it cannot be re-nominated. Once an asset is listed on the unsuccessful nominations register the asset owner can proceed to dispose of the asset as and when they choose.