Revaluation of the Science and Technology Facilities Council's Land and Building Assets

Tender description

The Science & Technology Facilities Council (STFC) requires Independent professional revaluations for all property, plant and equipment (PPE) every five years and are revised in the intervening years by the use of appropriate indices. PPE are professionally revalued on different cycles. Land and buildings at some of the STFC sites are due to be professionally re-valued. Following the implementation of IFRS13, HM Treasury has adapted IAS 16 Property, Plant and Equipment. This requires that assets in use, which are held for their service potential (operational assets), should be measured at their current value in existing use. For non-specialised assets, current value in existing use should be interpreted as market value in existing use, which is taken to be existing use value (EUV). For specialised assets current value in existing use should be interpreted as depreciated replacement cost (DRC). Assets are depreciated on a straight line basis over their estimated useful lives. The estimated life for freehold buildings is 60 years and for leasehold properties 60 years or the terms of the lease. Land is not depreciated. 2. Scope of the Work Valuations a. The service required is as follows: i. To provide valuations for the Council's land and building assets located at the Rutherford Appleton Laboratory (RAL), Didcot, Oxfordshire. ii. To provide bespoke revaluation indices for the Council's land and building assets located at Daresbury Laboratory (DL), Warrington. iii. To provide valuations for the land and building assets of STFC's Joint Venture company Diamond Light Source Limited (DLSL). DLSL is located on the RAL site in Didcot. iv. To provide remaining useful lives for the revalued assets. b. The valuations are to be as at 31st January 2018. c. All valuations are to be carried out in accordance with the current practice and guidance notes of the Royal Institute of Chartered Surveyors (RICS). This requirement was advertised via a Mini Competition undertaken on the CCS RM3816 Estates Professional Services Framework Lot 1