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To award and instruct Jones Lang Lasalle (JLLS) via the Commercial
Crown Services (CCS) Framework to undertake the Asset Valuations of
the Housing Portfolio (Cheltenham Borough Homes and Housing Revenue
Account) for Resource Accounting Purposes for circa. 5,000
properties.

Reasons for the decision

It is important to note that this is a very specialist for of
valuation known as Existing Use Value -Social Housing (EUV-SH),
there is limited market expertise it is a very niche valuation
skill.  The Council must present the
information within its accounts in a very specific form and the
Council needs to ensure that the company instructed is able to meet
these objectives to prevent further work, resource implications and
further costs arising.

JLLS has been selected for a direct award based on cost award
(value for money as per the cost analysis set out in the CCS
Framework (encrypted info)) reputation and ability to deliver
within tight timeframes.

The EUV-SH valuations are a quinquennial (5 yearly) requirement.
Valuations are updated and adjusted by regional indices in the four
years between the stock re-valuations. This is a quinquennial
re-valuation exercise of circa 5,000 properties (predominately
homes). It is a one-off instruction.

Alternative options considered

The Council considered undertaking the valuation work inhouse.  However, the
size and scale of the project was compared against the existing
work project commitments, legislative and valuation guidance
changes and available resource, it was determined that contracting
with a third party would be lower risk and would provide the best
value for money for the Council.  

There is no option not to proceed, it is a regulatory accounting
requirement.