Carter Jonas is retained by Warwickshire District Council to provide asset valuations in respect of General Fund and Housing Revenue Account (HRA) assets. The commission is for a six year term with the portfolio valued in one (2-15/16) followed by annual updates over the next five year period.
The General Fund corporate property portfolio comprises around 400 assets ranging from the Town Hall, Space Centre Theatre, Leisure centres, swimming pools, small pieces of open land and sub-station interests for example. The General Fund Portfolio was valued in its entirety in 2015/16 and is subject to a rolling programme with 20% of the Portfolio to be valued each year over the life of the contract.
The HRA portfolio is made up of around 5,500 residential dwellings ranging from three bedroom houses to one-bedroom flats, numerous garage blocks, shops, community centres, offices, surgeries, hostels and assorted land. The Beacon Approach has been adopted with each housing unit appropriately classified under a categorisation by house type and location and follows the application of the RICS valuation definition for Social Housing (EUV-SH) to determine recorded asset value.
Warwick District Council is one of five district councils within Warwickshire and covers Royal Leamington Spa, Warwick, Kenilworth and Whitnas together with numerous smaller villages.
We undertook the valuations in accordance with the RICS Valuation – Professional Standards 2014 incorporating the IVSC International Valuation Standards (the ‘Red Book’) with the resultant valuations being IFRS and CIPFA compliant. As Warwick District Council is a local authority, the CIPFA Code of Practice on Local Authority Accounting requires that the valuations of the operational assets are on the special assumption of Existing Use Value. The comparative method of valuation is used in addition to the cost based (Depreciated Replacement Cost) approach.
In order to simplify the reporting for the client we created a bespoke valuation report with spreadsheet summaries and individual appendix sheets for each property. As with all our valuations the report is compiled and signed by a qualified RICS Registered Valuer and peer reviewed and counter signed by an RICS Registered Valuer Associate or Partner.