A plot of greenbelt land, sandwiched between the North Circular Road and Long Lane in Finchley, is to be turned into a nature reserve after a community group were given a seven-year lease for the site.

Long Lane Pastures had been under threat from developers for more than six years, after Barnet Council - then under a Labour-Lib Dem administration - agreed to sell the site, for around £2.6 million, to Fairview New Homes, who wanted to build 97 flats on it.

After a community campaign to save the land, the Conservative council said it would not sell the site but it remained on the council's list of land to sell until Thursday last week, when its cabinet and resources committee voted to grant the lease to the Long Lane Pastures Action Group (LLPAG) at a peppercorn rent. The pasture is currently a refuge for birds and small mammals.

LLPAG spokeswoman Ann Brown had hoped for a 99-year lease and was lukewarm about the handover.

She said: "Why has it taken so long to grant a lease? The council has agreed to change the use of land to community use, but then any new administration that comes into place after next month's elections will have the power to reverse that decision. Their timing is terrible, although we do feel rather optimistic about it now and hope we can just get on with things."

The deputy council leader Mike Freer, defended the timing of the decision. "The council has a very large capital disposal programme to deal with and this is not the only plot of land we have to consider," he said.

"People think the council do things overnight, but it takes a considerable amount of time and work to secure a site such as this, which is of considerable value.

"We wanted to give the group an opportunity, but when we lease land with potential development value we have to ensure that the group we are dealing with can deliver. Seven years gives them time to fulfil their obligations and bring in external grants to give them the security they need at the very least."