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.

This means that community groups can nominate land or building such as allotments, community halls, shops, pubs, libraries, swimming pools etc and petition Preston City Council to add these to their list of community assets. This means that if this amenity is accepted onto the list, local people will be informed if that building or piece of land comes up for sale.

This means that if that building or amenity came up for sale, the local community would have a period of 6 months to raise finance, develop a business idea and make a bid to buy that asset on the open market. This is called The Community Right to Bid.