Hi Trevor Et Al.
You would need to seek advice on that. My suggestion would be ideally yes – a council owned theatre would be listed as a community asset within Localism Act, 2011. Within the context of COMA (which Stephen Rolph is leading on at Locality) – applicants to the programme which have an ACV list probably have a stronger evidence base and a more solid application in many instances, for example, than some applicants who do not.
You should contact Locality for more information at http://www.locality.org.uk , or more guidance.