In reaching decisions about options for disposal and preferred bidders, local authorities should take full account of the potential wider benefits of the project for the local community, economy, and environment, all within the context of ensuring the area’s sustainable growth. The public’s perception of the fate of important civic buildings is also an important factor to be taken into account.

For a local authority to choose to forgo the financial benefits of market disposal (if viable), it will be necessary to demonstrate to decision-makers how disposal of the heritage asset at below market value will result in clear added value and contribute to the local community’s economic and social vitality. Assessing the non-financial benefits can be difficult, but it is essential that the decision-making exercise takes into account what is important and not just what can easily be measured. An authority should only have regard to the level of realisable benefits. Assessing the viability of the receiving organisation is clearly a key step in this respect because realisation of the benefits will depend upon the capacity of this organisation to deliver them. Such an assessment will also help safeguard the integrity of the local authority (as landowner and separately as a possible planning authority).

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Case Study: Heart of Hawick

Heart of Hawick is an award winning project which was led by Scottish Borders Council to revitalise the heart of Hawick’s town centre utilising the Category A listed Tower Mill as the focus for the wider regeneration project. The Council secured funding from a variety of sources as well as providing £4m from its own resources for the 10 year transformational project. The project outlines how community buy-in is essential if the project is to have long term success.

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Useful Tool: Social Return on Investment Analysis

Social Return on Investment analysis is an extremely useful tool that local authorities can use to calculate the monetary value of wider social returns brought about by disposing of a heritage asset. In cases where an asset is disposed of at undervalue, or where public subsidy is needed to bring the asset back into viable use, the tool can be used to demonstrate that any public money invested in a project will be repaid to the tax payer in the long term due to the economic and social outcomes delivered by the project.