Tailte Éireann provides a professional valuation service to various Government Departments, State Agencies, and other public bodies. This work relates to capital and rental valuations, including valuations for rent review purposes, for these customers. Valuations are also provided for properties being transferred between Government Departments, State bodies and other public authorities and agencies, both local and national in accordance with Circular 11/15.
The State Property Valuation team was expanded in 2021 to meet growing demand for the services and to provide the enhanced reporting standards expected. This forms the foundations for required future development and growth to meet customer needs. All valuations for market value purposes are carried out in accordance with the International Valuation Standards 2022 and the Royal Institute of Chartered Surveyors Valuation Professional Standards 2022 (“Red Book”).
The State Property Valuation section is a sponsoring non-registered organisation under the Royal Institute of Chartered Surveyors (RICS) Valuer Registration Scheme (VRS), which allows for the Valuation Office to sponsor individual Registered Valuers within the organisation. Reporting and compliance standards have been materially enhanced to meet regulatory requirements and client expectations.
In 2021, we reported values for 334 properties, across 164 valuations issued to clients, with an aggregate value of €242 million. These included: 3 Asset Valuation instructions on the basis of Fair Value with 32 reports, and 180 individual assets, and an aggregate value of just over €110 million. 51 properties, with an aggregate market value of around €38.35 million, valued for Government Departments, State agencies and local authorities in accordance with Department of Public Expenditure and Reform (DPER) Circular 11/15: Protocols for the Transfer and Sharing of State Property Assets. 37 other properties valued on a market value basis for other purposes, with an aggregate value of just under €92 million 66 properties for which market rental advice was provided, many of which are associated with rent reviews and lease / license renewals, with a combined rental value of just under €1.63 million per annum.
Customers include:
- Citizens Information Board
- Commissioners of Irish Lights
- Courts Service
- Department of Agriculture, Food, and the Marine
- Department of Housing, Local Government and Heritage
- Department of Education Department of Rural and Community Development
- Department of Social Welfare
- Environmental Protection Agency (EPA)
- Fáilte Ireland
- Health Service Executive (HSE)
- Institutes of Technology / Technological Universities (multiple)
- Irish Prison Service
- Land Development Agency (LDA)
- Local Authorities (multiple)
- National Concert Hall
- Office of Public Works (OPW)
- Revenue Commissioners
- SOLAS
- Teagasc
- Tusla
- University College Dublin
- Waterways Ireland