SEPTEMBER 2026

The buildings have been registered as an Asset of Community Value (ACV), what does this mean?

Any building can be nominated by anyone as an ACV.  If you recognise that a building is an asset to the community and should just be sold with out community consideration, you can register the building with your local council as an ACV.  If the building owners then announce that they intend to sell the building in triggers a process giving interested community groups time to raise funds to bid on the building.  Any community group (not just those currently showing interest) has a six week window to submit their interest to bid on the buildings.  Following the submissions there will be a further four and a half months moratorium window for groups to raise funds to bid on the building.  At the end of the combined six month period the owners of an ACV DO NOT have to accept a bid from a community group and can still take the buildings to open market.  However, the ACV status will remain on the buildings land registry for a period of five years.

Why haven’t you registered the Art School, Library/Art Museum and Science School buildings as an ACV?

In June 2025 we negotiated a letter of ‘Intent to Sell’ to our CIC from the building owners, Truro-Penwith College .  With the entry of a competing bid, this agreement was superseded by a three month window to submit a final offer.  We have refrained from registering the buildings as an ACV as the college had given both groups time to build their bid…additionally, in April 2026 the new ‘Right to Buy’ law was ascended by the King, the law is there, but the mechanics have not yet been written and adopted into Council processes.  The new ‘Right to Buy’ law would have given community groups a much stronger hand in securing the buildings over the currently used ‘Right to Bid’ law.

What does it mean for the project now?

While the goalpost position has changed, the long-term vision and aim has not.  We are still working on the best way to secure these buildings with a well researched and planned staged development to deliver an outstanding community offering where connection and stewardship are at the heart.  At the end of the moratorium window we will be submitting our refreshed bid for consideration.