In June 2013 Islington Council Strategy and Review Manager of the Property Services Division accepted a nomination submitted by Myddelton Square Leaseholders’ Association for Myddelton Square Gardens to be listed as an “Asset of Community Value”. The Council’s reasons are given in the letter reproduced in MSqGG Bulletin no. 4.
The listing comes under the heading of ‘The Community Right to Bid’ in the Localism Act 2011. That means that if the owner of the Asset (Myddelton Square Investments Ltd) decides to sell the asset, they must notify the Council of their intention. The nominating body then has an opportunity to bid to buy the asset if they so wish.
The listing is a safeguard that there will not be a private sale of the Gardens without the knowledge of the Council and MSA.