Lambeth council has approved the listing of the Rotunda at Cressingham Gardens as an Asset of Community Value (ACV), following an application by local residents.
The listing is only relevant if the owner of the property decides to sell it – what normally happens is the community group who first nominated the asset, is given notice of the owner’s intention to sell the land. They, and any other community interest group, then have a period of time in which to express their interest in purchasing the building, and then try to raise funds in order to have a chance to bid.
The inclusion of a building or land on the ACV list may be a relevant consideration if a planning application is made in to redevelop or change of use of the building/land. In its role as the local planning authority, Lambeth council may take into consideration the ACV listing.
The Rotunda building is owned by the council and there are no plans to sell it. The current plans for the rebuilding of Cressingham Gardens estate (which are currently subject to a judicial review) will most likely incorporate new community space.