Award

Valuation of Assets

ISLE OF WIGHT COUNCIL

This public procurement record has 1 release in its history.

Award

24 Nov 2022 at 14:14

Summary of the contracting process

The Isle of Wight Council has awarded a contract for the "Valuation of Assets" services to Wilks Head & Eve LLP through a limited procurement method. The contract, with an active status, was signed on 24th November 2022 and is valued at £135,000. This procurement opportunity falls under the real estate services category and involves the valuation of assets to comply with various industry standards.

This tender presents opportunities for businesses specializing in accounting, auditing, and real estate services to engage with the public sector. Companies that have expertise in valuing assets, possess strong staff and resources, effective communication methods, and can deliver social value are well-suited to compete. The procurement process, initiated as a tender, is at the award stage, offering businesses a chance to provide their services to the Isle of Wight Council and potentially secure future extensions until 31st December 2027.

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Notice Title

Valuation of Assets

Notice Description

Provision of a specialist practice to undertake a valuation of its assets in order to comply with CIPFA Code of Practice on Local Authority Accounting, RICS Valuation Professional Standards and the International Valuation Standards and International Standards on Auditing.

Lot Information

Lot 1

The Authority requires its assets valued in order to comply with * CIPFA Code of Practice on Local Authority Accounting insofar as it relates to valuations for the balance sheet and related disclosures including bases of value, valuation frequency, componentisation, lease classification, impairment etc., and associated practical approaches, including the key changes arising from IFRS16 * RICS Valuation Professional Standards and the International Valuation Standards insofar as they relate to local authority asset valuations, together with the associated practical approaches. * International Standards on Auditing as adapted for the UK and gain practical tips for a smoother audit process Further competition carried out under ESPO Framework 2700_22. Additional information: The value at II.1.7 refers to the initial term value. If both extensions are utilised then the whole life cost would be in the region of PS225,000. IV.1.1 refers to a further competition process under ESPO Framework 2700_22.

Options: 2 x 12 month extensions taking the end date to 31 December 2027

Procurement Information

A further competition process had been carried out under ESPO Framework 2700_22 Estates Management Professional Services.

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-038813
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/033378-2022
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Limited
Procurement Method Details
Award procedure without prior publication of a call for competition
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

70 - Real estate services

79 - Business services: law, marketing, consulting, recruitment, printing and security


CPV Codes

70000000 - Real estate services

79210000 - Accounting and auditing services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
£135,000 £100K-£500K

Notice Dates

Publication Date
24 Nov 20223 years ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
24 Nov 20223 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Contracting Authority (Buyer)

Main Buyer
ISLE OF WIGHT COUNCIL
Contact Name
Mrs Lucy Chandler
Contact Email
lucy.chandler@iow.gov.uk
Contact Phone
+44 1983821000

Buyer Location

Locality
NEWPORT
Postcode
PO30 1UD
Post Town
Portsmouth
Country
England

Major Region (ITL 1)
TLJ South East (England)
Basic Region (ITL 2)
TLJ3 Hampshire and Isle of Wight
Small Region (ITL 3)
TLJ34 Isle of Wight
Delivery Location
TLJ34 Isle of Wight

Local Authority
Isle of Wight
Electoral Ward
Newport Central
Westminster Constituency
Isle of Wight West

Supplier Information

Number of Suppliers
1
Supplier Name

WILKS HEAD & EVE

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts.

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