The Provision of Asset Valuation Services

The Council has a 3-year rolling programme of valuations of assets, the current approach is allowable under the new Code of Practice interpretation of International Financial Reporting Standards. Year 1 – Leisure Centres and Investment Properties Year 2 – Offices & Depots, Potential Building Plots and Investment Properties Year 3 – Remaining OLB assets and Investment Properties This contract is expected to commence in December 2022 and be for a term of 3 years plus the option to extend for up to 12 months due to potential audit queries, subject to satisfactory performance and service requirements. Valuations of the Council’s land and properties should be considered on an existing use basis, in addition to the valuations we would expect to be provided: • Existing Use Values. • An estimate of the remaining residual value and useful life of the properties valued. • An apportionment of values between land and building for depreciation purposes only. • Components as per the Componentisation policy will not require valuation but should be reviewed for obsolescence. • Review the classification category the asset should be held i.e., Investment/OLB/Surplus/Available for sale etc. • Establish the appropriate basis of valuation (and comment on reason for change if applicable). • Identify whether assets are specialised or non-specialised. whether the property was visited or not.