A community asset transfer is where the city council gives the management of a building or plot of land to a community organisation via a lease for a small amount of money.
They are normally only available for property or land which is no longer needed by the council.
Once transferred community organisations are free to use the asset for the benefit of the community.
They are often able to apply for grants which councils can’t.
The property or land is usually transferred to the community for a low rent.
Arrangements like this helps the council because they transfer the running and maintenance of the asset to the community.