Like all government departments, the Department of Treasury and Finance (DTF) requires a complete valuation of their assets for financial reporting purposes every five years.
The DTF portfolio comprises 18 assets including nine buildings at Treasury Reserve, two additional CBD properties and seven regional sites.
Urbis was engaged to assess the fair value of the entire portfolio for the financial period ending 30 June 2017. The portfolio includes several heritage buildings – many of which are listed on the Victorian Heritage Register.
Our Real Estate Advisory team are experienced in financial reporting. All assessments were completed in accordance with Australian Accounting Standards and Victorian Government Policy. In addition, Urbis provided an insurance assessment of each asset to assist DTF in adequately insuring their portfolio. This included special consideration for heritage buildings.
Some of the assets were considered to have an ‘Active and Liquid’ market whereby the market value was adopted as the Fair Value. Our experience in the commercial office sector supported the economical delivery of the assessments, in a timeframe that met the client’s needs.
Urbis delivered timely and in-depth valuation advice on metropolitan and regional assets for the Department.