Facilities Management (FM) in the community setting is a new approach exploring opportunities for the development of a socially inclusive and sustainable approach to FM in the public and third sectors. The role of FM is defined by stakeholder value rather than shareholder value, and therefore becomes crucial in translating strategic community plans into effective operational reality. This research explores the role of FM from the stakeholder perspective and reports on findings from empirical research undertaken through case studies, in order to theorise on how FM should act in enhancing stakeholder value. It developed a five perspectives model, which addresses FM as: a) a place based approach to community facilities; and b) a people centred approach to community development. These two approaches highlight the role and social construction of FM within community facilities. In the latter, FM contributes to the creation of sustainable communities through a stakeholder approach to the management of community facilities.