Assets Valuation invitation to quote

Tender description

Harborough District Council is procuring a suitable supplier to provide Portfolio Valuation services in respect of our General Fund Assets. Local Government capital accounting requires the value of the Council's property assets to be properly shown in the Statement of Accounts. Valuations for inclusion in the local authority accounts must be provided in accordance with the relevant sections and standards contained within the current edition of the RICS Valuation - Professional Standards, incorporating the International Valuation Standards Global and UK editions (the Red Book). Valuations must also comply with the Chartered Institute of Public Finance and Accountancy (CIPFA) current edition of the Code of Practice on Local Authority Accounting in the United Kingdom. Valuations must be undertaken by suitably qualified and accredited valuers. The Council is introducing a rolling valuation programme to encompass each asset within a 5 year period. A formal valuation will be required for each asset identified in the rolling programme, for the relevant year concerned. In addition, a desktop valuation exercise will be required, each year. This report would not comment on specific values, but rather comment on a sector basis, such as retail, office etc., to cover property types. With regards to the Depreciated Replacement Cost properties, the changes in build costs would be required. A "comfort" letter will also be required, dated 31 March, to confirm that no material factors have arisen since the 31 January valuation date that would cause a revision to the valuation advice provided in the 31 January valuation & desktop assessment reports.