Case Study: Compulsory Acquisition of an Asset of Community Value (ACV)
Roger Hannah & Co. has recently advised South Cambridgeshire District Council on a property held as an Asset of Community Value (ACV). Our role was to advise the Council as to the potential compensation which would be payable in accordance with Section 5 of the Land Compensation Act 1961 should the property be subject to a CPO.
Part of this work involved valuing the property based on its existing use and on the special assumption that planning consent was granted for the proposed redevelopment in accordance with a recently submitted planning application.
We also advised as to the steps required in order to obtain a CPO and the legislative considerations which an Acquiring Authority must give to requests received from the community or local body to use their compulsory purchase powers to acquire an ACV.
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