The following comments are extracted from the notes found in separate company reports and accounts for last year and earlier year with regard to the treatment of each of the company's fixed assets of land and buildings.

Great Portland Estates plc

'We obtained the external valuation reports and met with the external valuer to discuss the results of their work on a sample of properties. With the assistance of an expert member of the audit team, who is a chartered surveyor, we met with the external valuer and discussed and challenged the valuation process, performance of the portfolio and significant judgements and assumptions applied in their valuation model, including yields, estimated rental values, occupancy rates, lease incentives and break clauses. Our challenge included benchmarking the key assumptions to external market data and comparable property transactions, in particular the yield. We specifically challenged them on the key assumptions applied in the valuations with reference to the specific impact as at 31 March 2021 of Covid-19. We assessed the valuation methodology being used and considered any departures from the Red Book guidance'.

John Lewis Partnership

'In a difficult year, the Partnership recorded a Loss before tax of (517)m, compared to a Profit before tax of 146m in the previous year. This is the result of substantial exceptional costs of (648)m, mainly the write down in the value of John Lewis shops owing to the pronounced shift to online, as well as restructuring and redundancy costs from store closures and changes to our head office.'

British Library

'The St Pancras site is considered to be "specialised" in nature. It was revalued using the Depreciated Replacement Cost basis. The buildings on the Boston Spa site have no directly comparable alternatives. The site is therefore considered to be "specialised" in nature and was revalued using the Depreciated Replacement Cost method.'

In earlier year:

'The three freehold premises located in Yorkshire, and Essex which are used for office accommodation have been valued using existing use value at 27 million. The freehold interest in the new library, reading room and book depository at St Pancreas, London has been valued using a depreciated replacement cost basis at 390 million.'

House of Fraser plc

In earlier year:

'The valuation of the freehold and long leasehold retail property portfolio has been on the basis of existing use value at 89 million.'

Capital and Regional Shopping Centres plc

'External valuations at 30 December 2019 were carried out on all of the gross property assets... The fair value was 727.1 million (2018: 855.2 million).'

In earlier year:

'Completed investment properties (10 shopping centres in UK) are valued at 3,100 million on an open market basis at the end of each year.'

You are required to compose a Consultant Report evaluating the effective application of modern valuation methods in a chosen organisation in the UK to meet their practical and ethical needs. You have to provide a reasoned explanation of the differing bases of valuation used and suggest the methodology that should be used to arrive at the opinion of value. You have to develop a critical analysis/evaluation on the potentials and barriers in the innovative adoption of modern methods in valuation.

Submissions:

Your final submission should be structured as a report with a clear introduction and conclusion. Please fully consider the available references and be critical in your discussion. You should try to avoid providing a lot of information without any critical thought, a descriptive response is not enough to achieve a high mark, your report should be concise, focused, demonstrating a clear line of argument, and you should adopt a perspective. The report should be referenced in Westminster Harvard style throughout.