Acting for Redcar & Cleveland Primary Care Trust (PCT), Middlesbrough PCT and Middlesbrough, Redcar and Cleveland Community Services, we were appointed to provide Estate Valuation advice on a portfolio of 17 freehold and leasehold properties.
The contract was secured through the OGC Framework, in conjunction with our National Business Team based in our London office.
Valuation and Building Consultancy advice provided across portfolio
The portfolio totalled 235,000 sq ft and comprised a wide-range of properties including four hospitals, health centres and clinics and a children’s day nursery. Following the appointment, the client was made aware that expert advice would also be provided by our Building Consultancy team on build cost for use by the valuers, when undertaking DRC valuations across the portfolio.
Delivered IFRS compliant Valuation Report
The valuations were completed within the PCT’s requested timescale and we compiled a report using in-depth knowledge of Red Book guidelines concerning International Financial Reporting Standards (IFRS).
It included Existing Use Values, Market Values, often involving the use of the Depreciated Replacement Cost (DRC) method of valuation. It also provided advice on asset lives and division between land and building values.
The valuation report enabled the PCT’s to identify areas where they can maximise value for money in the future management of their NHS estates. It will also ensure that future investment decisions are based upon the most up-to-date assessment of their operational assets.
Maintaining transparency throughout project
Darron Barker, Head of our Newcastle office, said: “We worked very closely with our clients throughout the contract to ensure we completely understood their business needs. Furthermore, we maintained complete transparency in explaining the process and methodology to be adopted to meet their needs and those of the IFRS.”