Valuations for Warwickshire District Council Warwickshire
silhouette black man survey and civil engineer stand on ground working in a land building site over Blurred construction worker on construction site.
Client
Warwick District Council
Sector
Planning & Development
Location
Warwickshire
How we helped
Valuations
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@ Peter Fry
Peter Fry
BSc (Hons) MRICS ACIArb
Partner - Valuations Oxford
01865 404420 email me about Peter
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Peter is attached to the Commercial Division based in the Oxford valuation hub office, working principally throughout the Oxfordshire and Thames Valley region. His professional specialism is valuation, lease advisory and strategic asset management and he is partner responsible for the Oxford commercial valuation team. He provides valuation advice on retail, office, industrial and residential property and development sites to a wide range of clients including: banks and lending institutions; local authorities; property companies and private clients. Peter is an RICS Registered Valuer and an RICS Assessment of Professional Competence Assessor and Chairman. He currently acts as counsellor to the many graduate surveyors in the Oxford office, ensuring that they receive the right experience and training to enable them to become RICS qualified surveyors. Outside of the office, when not taxiing his two teenage sons between sports fixtures, he is the Group Scout Leader for his local village scout group; makes props and scenery for a number of amateur dramatics productions; and is a self-published novelist.

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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.