Mark – you don’t make clear who you/ your organisation is or who owns the building but a few observations.
The ‘Right to Challenge’ allows voluntary sector groups to challenge a service provoking a tendering exercise that would allow them to bid (against others) to run the service. This assumes the local authority has a budget for the service which, if they are proposing to close it down, they won’t have. It can’t be used to ensure continuation of a service the authority no longer intends to provide.
The ‘Right to Bid’ is more appropriate for acquiring buildings but is essentially just a way of delaying a sale for six months to give time for a community group to prepare a bid. You can nominate the building to be listed as an ‘Asset of Community Value’ but you could only submit a bid if/when the building was put up for sale and there is no obligation, at the end of the six months, for the owner to sell to a community group.
The bottom line is if you are interested in acquiring the building and the Council (or whoever owns it) is willing to sell Community Rights legislation will merely complicate the issue. Your best bet would be to approach the owners direct and bid to buy the property. If they are willing to sell you take it from there. If they are not it’s probably not going to happen.
Hope this is helpful.