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Valuation of Assets

Isle of Wight Council

This public procurement record has 2 releases in its history.

AwardUpdate

14 Sep 2026 at 16:11

Award Notice
Award

24 Nov 2022 at 14:14

Award Notice
Summary of the contracting process

The Isle of Wight Council contracted specialist real estate valuation and related accounting and auditing services for its land and building assets. The work supports asset valuations for the council’s statutory accounts, including balance-sheet disclosures, bases of value, valuation frequency, componentisation, lease classification, impairment and the practical effects of IFRS 16. It also requires compliance with the CIPFA Code of Practice on Local Authority Accounting, the RICS Valuation Professional Standards, the International Valuation Standards and UK-adapted International Standards on Auditing. The requirement covers the council’s asset portfolio on the Isle of Wight and includes practical advice to support a smoother external audit process. The procurement was a further competition under the ESPO Estates Management Professional Services framework, with real estate services as the main category and accounting and auditing services as an additional category.

The procurement is complete and was awarded through a limited further competition under an existing framework, using an award procedure without a prior published call for competition. One bid was received and submitted electronically. Wilks Head & Eve LLP received two active awards relating to the requirement. The first contract is valued at £135,000. The second is valued at £279,000 and was signed on 24 November 2022, covering 1 January 2023 to 31 December 2027. The second contract includes an additional £45,000 for January to March 2027 work on a larger sample of assets required for the government’s audit reset. The original lot was later marked cancelled, while the active awards and contracts remain recorded. Evaluation weighted price at 80%, staff and resources at 10%, methodology and communication at 5%, and social value at 5%.

This procurement shows demand for a substantial, recurring local-authority asset valuation service delivered by a specialist practice with strong public-sector accounting and audit knowledge. A credible future competitor would need to value land and buildings systematically across a council portfolio, work to CIPFA accounting requirements and understand balance-sheet disclosures, impairment, lease classification, componentisation and IFRS 16. It would also need demonstrable application of RICS and International Valuation Standards, alongside familiarity with UK-adapted International Standards on Auditing and the evidence auditors require. The buyer’s decision placed most weight on price, but retained specific quality tests for staff and resources, methodology and communication, and social value. Experience coordinating rolling asset programmes, handling additional samples efficiently and communicating clearly with finance and audit teams would therefore be commercially important.

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Notice Information

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

Valuation of Assets

(original requirement) 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. (Modification)The statutory statement of accounts, requires a significant annual piece of work in providing valuations of land and building assets the council holds, on a rolling 5 year basis. As part of the government reset of auditing requirements, an additional piece of work is required during January to March 2027 to complete the same work for an additional sample of assets.

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.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-038813
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/087021-2026
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
£414,000 £100K-£500K

Notice Dates

Publication Date
14 Sep 20261 months ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
1 Jan 2023 - 31 Dec 2027 Over 5 years
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Isle of Wight Council
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
NEWPORT
Postcode
PO30 1UD
Postcode Area
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 LLP

Further Information

Notice URLs

Open Contracting Data Standard (OCDS)

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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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