Land and building valuationsAnthony Spencer
University of Bath is a top ten ranking UK University with over 15,000 students, based on a campus overlooking the city of Bath. The University comprises three Faculties (Faculty of Engineering and Design, Faculty of Humanities and Social Sciences, and Faculty of Science) and one School (School of Management), along with world class sports facilities, and therefore has a diverse range of buildings (from the mid 1960’s up to present day) and contents.
The University approached Eddisons initially to provide Reinstatement Cost Assessments of their buildings and contents for insurance purposes (Insurance Valuations). The project in respect of both the buildings and contents required the assessing of all their buildings on the campus, including some buildings and accommodation blocks off campus.
This was followed up by a requirement to value their land and buildings for their Annual Financial Statements. The service included assessing the buildings utilised by the university and those which were considered surplus to requirements. The real challenge lay in the different use of the assets and therefore varying type of valuation required.
In respect of both the Insurance Valuations and Financial Statement Valuations, we conducted full inspections of every building including educational buildings, student accommodation, sports facilities and specialist residential facilities. On site and in office work was carried out, with the valuation team workings towards the client’s ultimate goal.
In both instructions we managed to accurately provide all valuation advice for the client to meet their reporting deadlines. In respect of the Financial Statement Valuations this also included meeting their auditor’s requirements and queries.
Eddisons continue to provide Insurance Valuation update advice on an annual basis. We have also continued to provide Financial Statement Valuation and Property advice to the university alongside an agreement to re-value the assets in the future as and when required.