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PROCUREMENT OPPORTUNITY

Valuation of Assets

Isle of Wight Council · awardUpdate, contractUpdate

Tender information last checkedLast checked 23 Sept 2026, 17:11.

Opportunity overview

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. This is an additional value of £45,000 which is a 20% increase. Government are enforcing an external audit build back requirement, which for the Isle of Wight requires a larger cohort of assets to valued during the 2026/27 financial year.

Awarded to

Amounts belong to published awards or contracts. Where several suppliers share one value, it is labelled as shared and is not a supplier-specific allocation.

Wilks Head & Eve LLP

Matched by exact name
Contract value
£279k
Awarded
Not supplied
Contract signed
24 Nov 2022
Award ID
087021-2026-1-1
Status
active
Location
London, UKJ34, WC1A 1BS, United Kingdom

Classification

  • CPV70000000 — Real estate services
  • CPV79210000 — Accounting and auditing services

Lots

  • Valuation of AssetsValue not stated

Published notice details

Additional information from the published procurement release. Fields appear only when supplied by the source; check the original notice and tender documents before acting.

Scope, procedure and submissions

Id
DN635334
Main Procurement Category
services

Legal basis

Id
32014L0024
Scheme
CELEX

Classification

Scheme
CPV
Id
70000000
Description
Real estate services

Techniques

Framework Agreement

Period Rationale
3+2 years

Lots and requirements

Entry 1
Id
1
Title
Valuation of Assets
Description
(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.

Contract period

Starts
1 Jan 2023, 00:00
Ends
31 Dec 2027, 23:59

Items and delivery

Item 1
Id
1
Related Lot
1

Additional Classifications

Entry 1
Scheme
CPV
Id
79210000
Description
Accounting and auditing services

Delivery locations

Entry 1
Region
UKJ34

Buyer, suppliers and contacts

Organisation 1
Name
Isle of Wight Council
Id
GB-FTS-67

Identifier

Legal Name
Isle of Wight Council

Address

Street Address
County Hall, High Street
Locality
Newport
Region
UKJ34
Postal Code
PO30 1UD
Country Name
United Kingdom

Contact

Name
Mrs Lucy Chandler
Telephone
+44 1983821000

Roles

buyer

Details

Organisation 2
Name
Wilks Head & Eve LLP
Id
GB-FTS-186624

Identifier

Legal Name
Wilks Head & Eve LLP

Address

Street Address
3rd Floor, 55 New Oxford Street
Locality
London
Region
UKJ34
Postal Code
WC1A 1BS
Country Name
United Kingdom

Roles

supplier

Details

Scale
large
Organisation 3
Name
Wilks Head & Eve LLP
Id
GB-FTS-69332

Identifier

Legal Name
Wilks Head & Eve LLP

Address

Street Address
3rd Floor, 55 New Oxford Street
Locality
London
Region
UKJ34
Postal Code
WC1A1BS
Country Name
United Kingdom

Roles

supplier

Details

Scale
large
Organisation 4
Name
The High Court of England and Wales
Id
GB-FTS-66

Identifier

Legal Name
The High Court of England and Wales

Address

Locality
London
Country Name
United Kingdom

Roles

reviewBody

Award information

Award 1
Id
087021-2026-1-1
Status
active

Related lots

1

Suppliers

Supplier 1
Id
GB-FTS-186624
Name
Wilks Head & Eve LLP
Supplier 2
Id
GB-FTS-69332
Name
Wilks Head & Eve LLP

Contracts and changes

Entry 1
Id
087021-2026-1-1
Award ID
087021-2026-1-1
Status
active
Date Signed
24 Nov 2022, 00:00
Period Rationale
3+2 years

Items

Item 1
Id
1
Title
Valuation of Assets
Related Lot
1

Classification

Scheme
CPV
Id
70000000
Description
Real estate services

Additional Classifications

Entry 1
Scheme
CPV
Id
79210000
Description
Accounting and auditing services

Delivery locations

Entry 1
Region
UKJ34

Value

Amount
279,000
Currency
GBP

Period

Starts
1 Jan 2023, 00:00
Ends
31 Dec 2027, 23:59

Amendments

Entry 1
Id
1
Description
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. This is an additional value of £45,000 which is a 20% increase. Government are enforcing an external audit build back requirement, which for the Isle of Wight requires a larger cohort of assets to valued during the 2026/27 financial year.
Rationale
Need for additional works, services or supplies by the original contractor/concessionaire: The whole life cost for this contract is £225,000 (£270,000 inc VAT). The additional value is a further £45,000 which is a 20% increase and can rely on PCR2015 Reg72 (1) (b) for additional services which were not included in the initial procurement, where a change of contractor— (i)cannot be made for economic or technical reasons such as requirements of interchangeability or interoperability with existing equipment, services or installations procured under the initial procurement, (ii)would cause significant inconvenience or substantial duplication of costs for the contracting authority, provided that any increase in price does not exceed 50% of the value of the original contract; But also Reg72 (e) where the modifications are not substantial within the meaning of paragraph (8) which I believe also applies. The provider already has extensive knowledge of our asset cohort, and will already be doing the same work for a separate sample of assets during the period.

Recorded locations

  • Buyer location · Newport · UKJ34 · PO30 1UD · United Kingdom
  • Delivery location · UKJ34

Notice and amendment history

1 published notice version reviewed by ProcuraAxis.

1 VERSION
  1. 087021-2026awardUpdate, contractUpdate ·