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Housing Spaces and services

Assets and Big Local

Many Big Local areas have, or have planned to buy, build or manage assets such as land and buildings to help make a positive change to their local area.

This might be through providing a hub for the community to meet and connect, creating spaces in which to deliver activities or meeting an identified need such as community-led housing or play areas.

This guidance is for anyone working on Big Local who is interested in asset-related projects. It is essential reading for partnerships, Locally Trusted Organisations (LTOs), reps, workers or any third parties involved in related projects funded through Big Local.

It is not designed to be comprehensive guidance on how to develop and deliver asset-based projects, but it does set out everything that Local Trust will ask and expect of you in order to make sure you have the best chance of a successful and sustainable project that has a long-term benefit to your community.

Download guidance

What is an asset?

For the purposes of this guidance an asset is defined as any land, building or other significant physical feature that would be funded or acquired for £50,000 or more.

However, depending on the nature of the project, Local Trust may ask for some or all of the points below to be met where an asset is going to be acquired for less than £50,000. If we do, we will discuss this with you.

Items such as computer equipment and vehicles are not classed as assets in this guidance. Big Local partnerships should establish the approach to buying and managing these with the LTO in order to ensure good value for money and community benefit.

If you are unsure whether your project meets the definition of an asset, please do talk with your rep or a member of Local Trust staff.


Requirements for asset projects

Based on our learning of how Big Locals have successfully delivered projects, and drawing on other community-led funding initiatives, we will ask you to complete the following steps before releasing funding for your project.

Sometimes, depending on the nature and pace of a project, we might release funding before some of these things are complete but include them as conditions of funding to be completed at an agreed later date. If that is the case, we will discuss this with you.

Asset lock
Lease length
Big Local plan and assessment
Asset register


Further support and guidance
Information on asset locks
Lease lengths