Investment Property Valuations-National Locations

Tender description

Nottinghamshire County Council (the Council) is seeking tenders, on behalf of Mansfield District Council (MDC), for the services as detailed below, nationwide geographical coverage is required. Mansfield District Council owns and manages a portfolio of 10 investment properties. The portfolio includes 9 UK wide properties and 1 shopping centre in Mansfield. The property mix includes a hotel, gym, office, supermarket, VW commercial vehicle sales/service centre, 2 x DIY retail, industrial, shopping centre and mixed office and residential long leasehold interest. Under the requirements of the International Financial Reporting Standards (IFRS) the Council is obliged to accurately account for its property assets on an annual basis. To comply with these requirements the Council intends to appoint an appropriately experienced and qualified firm of valuers (hereinafter “the Valuer) on a five-year contract to undertake annual asset valuations of the Council’s investment portfolio for financial reporting purposes. The Council is also obliged to carry out an annual Impairment to assess any material impact in the asset values from the valuation date (31st December) to the year-end date (31st March). To satisfy this requirement the Council intends to incorporate this annual impairment review into the 5-year contract. The Council also requires the Valuer to undertake reinstatement replacement cost assessments for 6 properties for insurance purposes. These will only be required in one year of the contract term. MDC require a Single Supplier to carry out this work. Contract length is 5 years with no extensions available. Estimated contract start date is 1st November 2025. Keywords: Investment Property Valuations