Walton Community Council is set to take ownership of the open space and play area at Hindhead Knoll in Walnut Tree.
It is part of MK Council’s proposals to give greater powers to local communities.
The transfer will allow Walton Community Council to provide better leisure and community activities for local people for generations to come.
Hindhead Knoll is a much-loved space for residents of Walton and is known for the Community Council’s popular annual Summer Fayre, Christmas Celebration and various community engagement events.
The Council hopes that by putting more community facilities in the hands of the people and organisations that use them, it will encourage greater investment as well as continuous and sustainable use.
MK Council has worked closely with Walton Community Council on this area, which now includes a refurbished play area, uplighters, new safety crossings, picnic tables, noticeboard, raised shrubbery bed, the Little Free Library and an events shelter.
Additional money to enhance the area will also be made available from developer contributions as the site falls near a new development.
Cabinet Member with responsibility for asset transfer, Cllr Jane Carr said: “We’re delighted that we’re handing over yet another much-loved local facility to Walton Community Council. Working alongside local people, the community council will have power over what goes on at Hindhead Knoll as they are best placed to serve the needs of their community."
"Walton Community Council’s Council Manager, Lesley Sung said “We are delighted to take ownership of the land at Hindhead Knoll. This is an important area for us and is central to our key strategic aim of enhancing our community. This area will enable us to provide facilities and exciting new events for all ages that will bring our community even closer together.”
Other community spaces to be passed onto local community councils include Sycamore House and Sycamore Hall on Drayton Road, Water Eaton in Bletchley.
Bletchley and Fenny Stratford Town Council intend to vacate their offices at Bletchley Library and move officer teams into Sycamore House this year.