Quinquennial Revaluation of operational land and buildings

Tender description

Defra procuring on behalf of Natural England: The Authority intends to select a supplier to carry out a three-part quinquenial revaluation of Operational land and buildings within the Defra estate, along with Non-Operational & Operational Heritage Assets. The breakdown of the work required by the Authority is as follows: 1. The Quinquennial revaluation of operational land and buildings – Part 1 1.1 All freehold land and buildings within the Authority’s Statement of Financial Position (except heritage assets which fall under different accounting guidance – see below) are stated at a fair value in line with Accounting guidance (International Accounting Standard – IAS 16). They have to be revalued every five years by professionally qualified valuers, on a current use basis in accordance with the Royal Institution of Chartered Surveyors’ Appraisal and Valuation Manual (the Red Book – IVA 1). 1.2 In between professional revaluations, values are updated annually using indices from the Property Market Report issued by the Rural Institute of Chartered Surveyors (RICS) 1.3 The Authority’s last revaluation exercise was carried out at 31st March 2011, and hence is due to be undertaken again as at 31st March 2016. 2. The valuation of Non Operational & Operation Heritage Assets – Part 2 & 3 2.1 Financial Reporting Standard 30 – Heritage Assets requires our National Nature Reserve (NNR) land and buildings and related assets to be shown at Fair Value in our Statement of Financial. 2.2 The NNRs comprise two types of assets, Non-Operational and Operational. The latter can be sub-divided into Operational Heritage Assets and Operational Support Assets. Operational Heritage assets are those assets that, in addition to being held for their characteristics as part of the nation’s heritage, are also used by Natural England to provide activities and services. The Operational support assets will be those assets that are identified through the course of adopting the new accounting requirements