- Public Sector
Property Services for the Public Sector
Our public sector team deliver a range of specialist property services to the public sector.
As an appointed Crown Commercial Service supplier, our understanding of the public sector and experience in the property industry, allows us to develop specialist property solutions with organisations across the UK, including central and local government, social housing and education.
Our approach is tailored to suit the requirements of the public sector, including the unique set of challenges that come from today’s tough economic landscape.
Understanding your organisation with accredited public sector property services
Contact our public sector team and we’ll work with you to understand exactly what you need for your property solution.
Business rates and their impact on further education establishmentsIn what has been billed as the biggest change in a generation, the process of the 2017 business rates revaluation is well under way. Richard Farr, partner in our rating team, considers what colleges and further education establishments need to know – and how they are likely to be impacted.
Fair Value RulesThe UK accounting standard has now been replaced by the new Financial Reporting Standard FRS102, which is based on International Financial Reporting Standards (IFRS) rather than the previous UK GAAP accounting standards. Clearly, as one of the single biggest changes to UK accounting in more than 20 years, it has had an impact on many aspects of local authority accounting - but perhaps none more so than in property valuations. Impact of FRS102 FRS102 is mandatory for all financial periods starting 1st January 2015, which means all accounts processed since the start of this year are subject to the new standards. It signals a new approach to property valuations for accounting purposes and the impact on large-scale property owners like local authorities could be significant. The new standards use ‘fair value’ accounting, which is defined in the standards as “the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.” In using fair value, organisations must make a market-based measurement, rather than one which is entity-specific. This means surveyors will use assumptions that market participants would use when pricing the asset under current market conditions, including assumptions about risk. Because it is a market-based measure, the intention to hold an asset is no longer relevant - nor is the argument that “I would not sell at that price”. New standards For those following the revaluation model, under the previous standards, full revaluations of property used in the business were required at least every five years, with an interim valuation in year three. Under FRS102, valuations are required at sufficient frequency to ensure that carrying value is not materially different to fair value. This means that for local authorities choosing to revalue their property assets, an annual valuation of some description is likely to be necessary. Annual revaluations of a 20 per cent rolling sample are likely to be required. When accounting for property assets it is now necessary for the valuer to consider how the asset is used operationally. If the property is surplus or held as an investment then the Fair Value basis applies and the comparable method of valuation is adopted. If the asset is held for operational purposes then the assets are valued on the basis Current Value defined as either Existing Use Value (EUV) or Depreciated Replacement Cost (DRC), depending on whether the property is so specialist that no comparable is available. Organisations must also disclose the date of the last valuation, whether an external valuer was used and the methods applied in estimating the valuation including stating comparable evidence and the comparable hierarchy level adopted. The depreciated historical cost of the asset as if it had not been revalued will also need to be disclosed. Seeking support Clearly it will be crucial for local authorities to work with experienced surveyors, and particularly one which has experience of company accounts valuations. At the time of the changes, Chris Thorne, valuation spokesman for RICS, said: “We welcome the shift towards fair value accounting which conveys far more useful information than outdated cost figures. However, the new accounting standards have an increased dependence on high quality valuations. There will be a demand for properly qualified and regulated professionals to undertake this work, if fair values are to be relied upon.” We are aware of companies that would previously inflate the value of assets using the Retail Price Index, but are now forced to stop inaccurate valuations and enlist the services of a specialist surveyor. And now, more than ever, it is important to choose wisely; only those using fair value to the latest standards will meet the requirement of the new Financial Reporting Standard. Contact Us
2018 EPC Minimum Standards RegulationsThe Energy Act 2011 commits the government to bring into force by 1 April 2018 regulations prohibiting the letting of properties in England and Wales that do not meet the minimum energy performance standard (MEPS). The proposed changes would make it unlawful for you to let residential and commercial properties with an EPC rating lower than ‘E’.
Building SurveyingOur building surveying team will give you a detailed understanding of the condition of the property you are planning to buy, or rent, or already own.
Newcastle high school buildings up for saleNewcastle High School for Girls’ current premises in Jesmond has gone up for sale ahead of the school’s move in September 2016 with offers invited by a tender date of 30 April 2016. We have been appointed by The Girls’ Day School Trust, which owns and operates the school, to market the current properties for sale as over 900 pupils prepare to relocate.
Property & Facilities ManagementSanderson Weatherall provides a dedicated and creative property and asset management service. With offices strategically positioned throughout the UK we provide clients with nationwide coverage from key locations in Birmingham, Bristol, Leeds, London, Manchester and Newcastle. We devise bespoke property management services to suit your business and property portfolio. With an experienced team of management consultants, facilities managers and account administrators, we provide complete property management solutions, including 24-hour call out service, utilities management, building maintenance and rent, and service charge collection. All our services are performance led and concentrate on unlocking latent portfolio values to achieve the maximum return for your business. The occupier therefore focuses on its core business, leaving us to manage their property interests in a professional manner reflecting their expectations. For Occupiers Our occupier clients experience significant occupational costs as a significant overhead. We are able to assist to positively impact the corporate balance sheet. We respond to the desire by occupiers to manage costs whilst optimising the quality of the working environment. The occupier therefore focuses on its core business, leaving us to manage their property interests in a professional manner reflecting their expectations. For Investors Our investment clients hold assets ranging from single let property to diverse portfolios incorporating retail parks, industrial schemes and office developments. We provide management services on all such property. In addition to the usual elements of rent, insurance and service charge collection, we offer quarterly financial and property updates to clients, service maintenance tendering and ensure compliance with all legislative requirements. Contact Us