A total valuation exercise recently carried out on North Island in the Seychelles by the South African based valuation group, The Valuator Group, has demonstrated yet again just how necessary and valuable it can be for a company with multiple assets in an out-of-the-way location to employ the services of a professional valuer – particularly one who has a team of in-house experts with years of experience not only in property and buildings but also in other assets such as plant, equipment, machinery and contents, art and antiques. In this case the property valued was a five star resort hotel with a wide variety of entertainment and recreational facilities, all very difficult to replace in so remote a destination because of the logistic challenges involved.
North Island, an exclusive luxury resort situated in the Seychelles, became internationally famous a few years ago when Prince William, heir to the British throne and his new wife Kate, now the Duchess of Cambridge, selected the resort for their honeymoon. The Valuator Group, at the broker’s request, sent professional valuer DaveKinleysideto give an updated report for market, insurance and replacement purposes for the entire assets at the resort. The resort boasts an exquisite wildlife sanctuary, a famous nesting site for two species of sea turtle, the Hawksbill and Green Turtle so specialist valuation services were also required, including land and biological assets.
“Kinleyside was a particularly appropriate choice for this assignment”, said Gavin Commins, CEO of The Valuator Group, ”because he has 25 years’ experience in valuing assets throughout Africa and the Indian Ocean islands and is one of the very few senior valuers with expertise in property, furniture, fittings, plant and equipment.”
The valuation exercise, added Commins, was also a great deal more complex than usual – logistics aside, the replacement cost of all items – even relatively unsophisticated equipment at North Island – is always far higher than in more accessible locations, and the cost of building there can be more than double what it is in the major African centres. Most goods and materials, he said, would have to be flown in or shipped to Mahe and then carried by motor launch to the resort.
Commins emphasises how insurance claims and sale prices are given credibility when backed by a professional valuer with a sound track record. In this case, he said, the care with which the task was carried out has won praise from the broker and ensured that their client’s assets are correctly valued for insurance purposes.