The new Community Assets Fund, set up by the Office of the Third Sector, will offer refurbishment grants for local authority buildings with the intention of transferring ownership or management to third sector organisations. The OTS is now in the midst of a 12-week consultation to determine exactly how the fund will operate.

The BLF’s country chair of England, Sanjay Dighe, said that the opportunity to own and manage a dedicated asset would make a real difference to the communities the BLF supported. “As well as giving groups security and peace of mind, genuine assets offer the potential to draw in further investment and leave a lasting legacy for the future,” he said

Beyond the BLF, the fund’s management will involve additional partner organisations, including the Adventure Capital Fund. This, according to the Development Trusts Association, is good news for the fund. The Association said that the Adventure Capital Fund has been highly successful in delivering new forms of investment in community organisations over the past five years and that this experience would be invaluable in effectively administering the fund.

Steve Wyler, director of the DTA, said: “The delivery partnership between the Big Lottery Fund and the Adventure Capital Fund should lead to top quality results and lay the foundations for more investment and asset transfer in years to come.”