Fears have been raised Northolt Grange Community Centre could become unaffordable after the council placed the building's lease on the market.
Ealing Council has agreed it should market the venue on a 25-year lease.
It comes as part of cost-cutting measures, agreed in 2014, to remove the subsidy by 2017/18 from 10 community centres.
The community association currently occupying the building previous gave notice to leave, with the lease ending on March 31, after it said it faced challenges running without funding.
Conservative Cllr Alex Stafford fears the intentions of the new leaseholder, whose annual rent will jump massively from £900 to £18,000, could price out community groups.
He said: "They (the council) is not valuing the benefits of the community, something you can't put monetary value on.
"My concern is this is dangerous to increase (rent), it could become a spot for housing.
"We don't know what is coming, there is no plan in place, there is no sign of anyone interested in the property."
The council say it is seeking to find a leaseholder who will "respond to the needs of the community in Northolt".
A reduction in staff support provided by the council, which forms the majority of the subsidy, has so far helped it achieve its saving target of £302,000 by 2017/18.
Increased rent and reducing maintenance costs were also used as belt-tightening measures.
The council said the increase of annual rent from £900 to £18,000 was to reflect Market Value Rent (MVR).
It aims to make the centre self-sustaining by 2017/18, it added.
It is hoped a new group occupying the centre will achieve this through increased income, energy saving measures and the longer lease.
Most groups using the centre have already moved out, but the council said it will help the remaining two groups find a new home.
Cllr Stafford said he believed the groups should be allowed to remain there until the new leaseholder moves in.
He said: "It is quite irresponsible they have not found homes for those community groups currently in the centre - two groups have not got anywhere to go.
"They should keep the community centre open until they are moved."
An Ealing council spokesman said: “Ensuring that residents continue to have access to excellent community facilities is a priority for the council.
"Our plans to secure the future of Northolt Grange are part of an ambitious scheme to improve the borough’s community centres.
"This has already seen the council successfully secure a partner to run Greenford Community Centre in recent months.
"The council is now looking for organisations and groups to take over the lease for Northolt Grange Community Centre.
"They will be required to develop a facility for the benefit of the community, and provide activities and opportunities for local people whilst operating in a financially sustainable way.
"Almost all of the groups using the centre have relocated to other community facilities within the immediate location and the council are offering assistance to the remaining group.”
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