Client: NHS Lanarkshire
Since 2006, Gerald Eve has provided asset valuation services to NHS Lanarkshire in respect of their land and building estate. The portfolio is worth in excess £400m and comprises 70 properties ranging from residential and small health care properties to surplus development sites and large district hospitals.
The properties are spread across Lanarkshire in central Scotland with the majority of the value focused on three large district hospitals in Airdrie, East Kilbride and Wishaw. Following the construction of the two new hospitals in East Kilbride and Wishaw and reorganisation of the health board’s property assets we also value a number of large sites of former hospitals that have now been demolished and are surplus to requirements. The range in character of the estate results in various alternative bases of valuation being applied, from Depreciated Replacement Cost assessments for specialist operational properties to fair value assessments, these being Market Value for existing use for operational assets and Market Value for surplus properties.
We inspect the properties on an annual basis and provide a report prepared in accordance with IFRS. In 2011 the policy for calculating depreciation was changed and working with our Building Consultancy department we were able to re-inspect every property valued on a Depreciated Replacement Cost basis in the portfolio and reassess the depreciation factors used to meet the requirements of the new policy all within a tight timescale.
In addition to the annual valuation we also undertake a review of their capital programme and provide a report on expected impairment. We also periodically provide ad hoc valuation advice to the Board, acting as Property Adviser, and are currently involved in advising on the disposal of a former hospital site at Law for residential development.
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