Victoria University is one of the largest dual-sector tertiary education providers in Victoria. Like other public universities, Victoria University requires independent valuations of its land and building assets every five years.
Urbis was engaged to assess the fair value of 13 campuses owned by Victoria University (VU) for the period ending 31 December 2017. The portfolio predominately comprises purpose-built education buildings, including specialised and heritage assets, some of which are listed on the Victorian Heritage Register.
Our Real Estate Advisory team are experienced in financial reporting, particularly in the education asset sector. All assessments were completed in accordance with Australian Accounting Standards and Victorian Government Policy. In addition, Urbis provided insurance assessments of each asset to assist VU in adequately insuring their property portfolio.
The individual assessment of land for each of the campuses included in excess of 120 parcels at VU Footscray Park Campus and circa 80 parcels at VU Footscray Nicholas Campus. Our GIS team played a key role in identifying and mapping out each land parcel. This supported our valuers and provided context for the valuation reports. With the assistance of our GIS team and our valuer’s ‘eye for detail’, we were able to support VU in confirming and updating its asset record which ensured the 2017 valuations were accurate and insightful.
Our experience in providing valuation advice on large education portfolios ensured the Victoria University assessments were accurate, consistent and delivered on time.