The University owns a variety of Property, Plant, and Equipment (PPE) items that require annual valuations, crucial for financial reporting obligations and ensuring an appropriate level of insurance coverage. The University operates both teaching and research, and commercial properties that each require distinct valuation needs. Commercial properties require both a valuation in accordance with the requirements of AASB 116 Property, Plant, and Equipment and AASB 13 Fair Value Measurement and separately for insurance purposes. Teaching and Research properties require valuations only for insurance.

The scope of work entails conducting a comprehensive valuation for insurance and fair value purposes every three years, followed by indexation for the subsequent two years. Therefore, the engagement term spans an initial three years with the option for a three-year extension.