It is for local authorities to determine if any building or land nominated by the local community meets the test of being an asset of community value. The scheme allows groups to nominate buildings or land for listing by their local authority if its principal use furthers their community’s social well-being. This can include cultural, sporting or recreational interests. Since the scheme was introduced in 2012, over 4,000 assets of community value have been listed across England. This includes over 30 football stadiums from across the football pyramid including St James Park.
The scheme seeks to balance the rights of private property owners with the interests of the community where the local authority agrees that the asset in question is an asset of community value.