Yes applies to land - this is what the guidance says
1. Definition of Assets of Community Value
We intend to table an amendment to place the definition of an asset of community value on the face of the Bill. This is the definition to which each local authority operating the scheme will refer when deciding whether a building or other land should be listed as an asset of community value. We intend that it will state that a building or other land should be considered an asset of community value if:
..... its actual current use furthers the social wellbeing and interests of the local community, or a use in the recent past has done so; and
..... that use is not an ancillary one; and
..... for land in current community use it is realistic to think that there will continue to be a use which furthers social wellbeing and interests, or for land in community use in the recent past it is realistic to think that there will be community use within the next 5 years (in either case, whether or not that use is exactly the same as the present or past); and
..... it does not fall within one of the exemptions which we will be putting in regulations, e.g. residential premises and land held with them.
“Social interests” will be defined to include cultural, recreational and sporting interests.
With regard to “recent past”, our current view is that we will leave it to the local authority to decide, since “recent” might be viewed differently in different circumstances. For example, “recent” might be taken as a longer period for instance for land which was formerly used by the public until the MoD took it over for live ammunition practice, than for a derelict building. Ten or even twenty years might be considered recent for the former but not for the latter.
In deciding whether a nominated asset should be listed, the local authority will need to exercise its general duty to take all relevant matters into consideration when making its decision.
Issue is - if you express an interest (if it is council owned) then the Council will prioritise disposal of that asset? If you don't express an interest then they might dispose of it anyway and the community has no say
I think its worth doing maybe for the library, baths and the cinema - but then (for another post) eligibility of the parties to express an interest is qualified