What is asset based development?
Asset based development can be defined as the community ownership of property or land. This relates to the acquisition of these assets for the provision of services and facilities which benefit a local community and result in lasting change or regeneration for the area.
The motivation for asset based development is often the recognition by a local community that it lacks adequate facilities or services and the subsequent desire to improve the local area by providing these facilities or services. It is frequently undertaken in partnership with other organisations.
The process of developing an asset base can be extremely lengthy and consideration must be given to a wide range of issues from how to obtain funding for land acquisition or property refurbishment costs to the management of the asset and its potential for income generation and financial sustainability.
Property or land in community control or ownership can provide valuable social, economic, cultural and environmental benefits. A community owned asset can create and sustain local jobs and opportunities as well as keeping income within a particular geographical area.
It can also play a vital part in helping organisations to achieve financial independence and sustainability. Property or land can be used to generate independent income and investment (e.g. loan finance) which can help an existing organisation move away from grant dependency. For further information on how assets can assist you in achieving sustainability please see our section on assets and sustainability.
There are many examples of organisations in Wales that have been through the process of asset based development. These organisations have developed assets of their own for community benefit and to develop an alternative route to grant funding.
The Development Trusts Association Wales has prepared case studies of these organisations to demonstrate examples of successful asset based development. Click on the links below to find out more about each organisation:
