Global Estate Asset Valuation Services for FCDO

Descriptions

The Foreign, Commonwealth and Development Office (FCDO) is awarding 3 contracts following a multi-lot procurement for the provision of Global Estate Asset Valuation Services in order to meet financial reporting requirements (IRFS). This Procurement Process is being run in accordance with the Open Procedure under Regulation 27 of the Public Contracts Regulation 2015. Services are divided into three Lots, whereby each lot relates to a specific geographical region. Lot 1 - Africa (£780,000). This Lot was awarded to Knight Frank LLP on 15th June 2023. Lot 2 - Asia Pacifica, South Asia and Afghanistan (£1,359,000). This Lot was awarded to Colliers International Property Consultants Limited on 4th July 2023. Lot 3- Americas (£1,180,000). This Lot was awarded to Knight Frank LLP on 15th June 2023. Each contract will be for an initial 5 year period with an option to extend for up to a further 2 years. The contract term for each lot will be as follows: Lot 1: 15th June 2023 - 14th June 2028 with the option to extend for up to 2 more years. Lot 2: 7th July 2023 - 6th July 2028 with the option to extend for up to 2 more years. Lot 3: 15th June 2023 - 14th June 2028 with the option to extend for up to 2 more years. The FCDO has estate property around the world (including the United Kingdom) and operates in over 280 different locations. The estate comprises Embassies & High Commissions (anything from a stand-alone, freehold building on a secure compound, to a fitted-out leased office in a multi-occupied, high-rise building), visa offices, Residences for Heads of Post and residential buildings for diplomats. Additionally there are individual "legacy" properties such as churches, cemeteries, etc. The FCDO has a financial reporting requirement (IFRS), supported by HM Treasury Government Financial Reporting Manual, to revalue Estate's assets to ensure they are well managed, correctly recorded and accurately valued in the annual accounts. The Estates, Security and Network Directorate (ESND) of the FCDO, on behalf of the Secretary of State for Foreign, Commonwealth and Development Affairs, requires valuations, inspection and rent ceiling assessments of the FCDO Estate and other Government departments, if required. The scope of this procurement includes valuation and inspection services of the FCDO Estate. The Successful Supplier will also be required to provide impairment valuations, rent ceiling assessments and ad-hoc consultancy services where requested.