Asset Valuation Services – Land, Buildings & Other Structures

⁠⁠⁠In accordance with the Local Government (Financial Management) Regulations 1996, the City of Belmont (Principal) is seeking to undertake a valuation of non-financial assets for financial reporting purposes.

Scope:

The Principal requires a suitably qualified and experienced consultant to provide valuation services for Land, Buildings and Other Structure Assets (e.g. toilet blocks, gazebos, memorials, etc). The Principal is required to capture and value its assets and account for them according to accounting standards and other prescribed requirements to ensure good asset management practices and accurate and reliable accounting treatment. Providing valuations that adhere to relevant accounting standards is paramount. 

A detailed listing of assets is provided with only those items with a gross replacement value of equal to or greater than the Valuation Threshold to be included in the final valuation report. Network assets are to be treated as a collective single asset when applying the Valuation Threshold. Any paths are to be excluded from this exercise and any other assets found but not included on the detailed asset listing will also need to be included in the final valuation report.

The date of the last valuation of the asset classes for which a valuation is sought was April 2023 for land assets and May 2023 for those classified as building and other structure assets.

Separable Portion 1 (SP1): Land Valuations

• Revaluation of all freehold and leased land assets (including crown land).

• Market-based approach.

• Site inspections as required.

Separable Portion 2 (SP2): Building and Other Structure Valuations

• Revaluation of all operational, non-operational, special-purpose buildings and other structures (including those on Crown Land).

• Replacement cost, fair value, insurance value and remaining useful life assessments.

• Site inspections as required.

• Condition assessments.

Contacts:

Name: Ali Ahsan Memon

Email: ali-ahsan.memon@belmont.wa.gov.au

Name: Bridgette Johnston

Email: bridgette.johnston@belmont.wa.gov.au