PEP were invited to join McGees Property to undertake a Fair Value of Land and Building Valuation assessment, based on Queensland Government Audit office requirements. The NWHHS portfolio incorporates over 120 medical and staff housing buildings spread over 21 sites within 11 towns in Far North West Queensland. Many of these locations are remote and require air or sea travel for access.
Our team conducted a detailed inspection of the buildings and external site improvements and prepared an elemental cost estimate of each building, with each element given an effective and remaining life in order to arrive at a depreciated replacement value. As building plans weren’t always available for every building, most of the buildings and external areas were site measured. These building cost assessments fed into the McGees valuation model which included fair value assessments for the individual land parcels.
Allowances for regional cost factors had to be assessed for each location, as had specific foundation cost increases for certain areas within various towns.
Given our combined experience with building costs and building life cycles, we issued a separate capital expenditure forecast for each building which the facilities department can use for planning and budgeting purposes.
Our team were able to conduct all of the inspections and deliver the valuation report within a four week period.
Shaun Kenafake, Director
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