Nightclub named an Asset of Community Value
Heaven nightclub in London, named an Asset of Community Value by Westminster Council. An asset of community value is a property deemed of importance to the community, and has earned protections. Charities, organisations, and neighbourhood communities can nominate businesses, yet ultimately the decision lies with the local council.
Protections are offered to businesses who ACV’s (Asset of Community Value) involving their purchase and sale. The status of ACV impact’s the property’s sale and purchase, and planning position in the vicinity. The first ACV was a pub appointed in 2015, and now there are over 3000 Assets of Community Value, including stadiums and iconic hospitality venues.
Notable London nightlife spaces given ACV protection include Club 414 in Brixton and The Royal Vauxhall Tavern.
Heaven nightclub relisted as Asset of Community Value
Heaven nightclub has now had their ACV status renewed, and will be afforded these protections until 2031. In a post on their socials, owner Jeremy Joseph said:
“G-A-Y Heaven would like to thank the NTIA and Michael Kill for nominating Heaven. We would also like to thank the City of Westminster council for recognising Heaven’s role as an established and valued LGBTQ+ community asset and cultural venue. Heaven opened its doors in 1979 and has played an important part in London’s LGBTQ+ community. And nightlife for over 46 years.”
“To have Heaven recognised in this way is something I’m incredibly proud of. It recognised not only Heaven’s history and cultural significance, but also the important role it continues to play in the LGBTQ+ community. Hopefully, this recognition will help protect for the future as G-A-Y moved forward with it’s plans to transform Heaven into a charity-run venue.”
This good news comes a year to the day after the shocking news that Heaven’s sister venue, G-A-Y Bar on Old Compton Street Soho. At the time, Jeremy Joseph said Soho was losing it’s identity, hopefully this more recent positive news will relight his faith in survival of the industry.
Why is Asset of Community Value protection beneficial for nightclubs and pubs?
Assets of Community Value cannot be sold unless certain stipulations are met, therefore protecting the property from sudden closure or redevelopment. Sales must include a 6-week wait period, whereby the community will have the opportunity to indicate their intention, and bid for the purchase. ACV therefore prevents a first-come–first serve, first buyer sale. This window is followed by a six-month moratorium period during which community groups can raise funds and formalise an offer. This increases the likelihood of iconic hospitality venues to be kept open and retain their intended purpose of use, deterring quick redevelopments.
ACV status can complicate the sales process, but owners are not forced to sell to the community, nor are they restricted on price; if the community bid is unappealing, the owner can sell on the open market.
Furthermore, ACV status is to be a material consideration during planning permission, impacting developments of the site and property.
ACV status has historically benefitted engagement and footfall. Higher community involvement has led to higher patronage.
Ultimately, the ACV law provides the public with more protections over loved local establishments, and the opportunity to community-own hospitality businesses, reducing the likelihood of permanent closure or redevelopment.
Will an Asset of Community Value status impact of business’s insurance?
Asset of Community Value status is not likely to directly impact insurance. For more information, or to have a hospitality business’s insurance portfolio confidentially reviewed, contact NDML. We have over 25 year experience in the nightlife sector, and our experts are ready to answer your questions on legislation or insurance.