INVITATION TO TENDER FOR THE PROVISION OF PROPERTY ASSET CONSULTANCY SERVICES

Concepts

• basingstoke
• real estate
• bdbc
• asset valuation consultancy services
• provision of property asset consultancy services
• significant commercial property investment portfolio
• asset valuations
• terms of asset valuation
• asset valuation date of the 31st march
• asset valuation date of 31st december

Location

Hampshire and Isle of Wight:

Description

Basingstoke and Deane Borough Council (BDBC) is seeking to procure asset Valuation Consultancy Services for asset valuations to be included in the Council's accounts and financial statements. BDBC has a significant commercial property investment portfolio, all of which is to be valued by external consultants, on an annual basis. The operational portfolio is also to be valued within this contract, with 1/3 of the operational portfolio valued each year of the contract. The investment element of the portfolio in March 2022 in terms of asset valuation was valued at circa £339m and the operational and car park portfolio was valued at circa £57m. BDBC wishes to procure asset valuation consultancy services in connection with the annual valuation of its property investment portfolio for the next 3 years, with an option to BDBC to extend for a further year.

Total Quantity or Scope

The bidders are requested for each year to quote for both Option A and B. Option A - An asset valuation date of the 31st March. Option B - An asset valuation date of 31st December then the valuations updated to provide the asset valuations as of 31st March that will be in line with CIPFA guidance and acceptable to external auditors. BDBC will then choose each year which valuation date it wants to move forward with. The Council will confirm by the 1st September of each year if it wishes to have the valuations completed with a valuation date of 31st December. The bidder needs to decide whether an indexing report or revaluation of the property will be necessary. Whichever is chosen, it needs to cover any changes from the 31st December to the 31st March of the following year and the process and asset valuation information provided will need to be deemed acceptable by the auditors. It is for the bidder to confirm what this further report would include and the detail to be provided, including if the bidder will index the asset valuations and how it is anticipated that this will meet the audit requirement for all asset valuations to be materially accurate as at the balance sheet date. The bidder is to provide an example as to what this would report would look like giving examples of where this work has previously been done before. The bidder will also undertake the discussions with the Auditors on all aspects of the audit investigation into the asset valuations and updating report. If further valuations are to be provided, then the bidder will need to confirm the format that this will come in. A market review and impairment review are required at every financial year end.

Renewal Options

The contract will be subject to an optional extension of 1 x 12 months.

CPV Codes

• 70000000 - Real estate services
• 70300000 - Real estate agency services on a fee or contract basis

Indicators

• This is a one-off contract (no recurrence)
• Options are available.
• Renewals are available.

Other Information

** PREVIEW NOTICE, please check Find a Tender for full details. **