Kensington and Chelsea Councillor Sidney Yankson has raised concerns about the valuation of investment property for Ofisy, during a recent Audit & Transparency Committee meeting.
During the meeting on Monday 29 September 2025, Cllr Yankson highlighted a discrepancy between the reported increase in Ofisy's valuation and national trends reported by the Office for National Statistics (ONS) and the Land Registry. According to the Audit Findings Report 2024/25, Ofisy saw a net valuation increase of £2 million.
Cllr Yankson noted that the ONS reported commercial property increases of approximately 3% for the same period, while the Land Registry reported an increase of about 2.8%. He calculated that Ofisy's £2 million increase represented only a 0.8% rise in valuation, significantly lower than the national averages.
Cllr Yankson also questioned a £22.2 million statement related to Kelso Cochrane and Acklam Road properties that had not been revalued.
He inquired about the source of the £2 million figure, specifically questioning the role of the external valuation specialist, Wilkes, Head and Eve. He asked whether Wilkes, Head and Eve had identified a different figure and, if so, what that figure was.
The Audit Findings Report 2024/25 noted that Wilkes, Head and Eve assessed the council's instructions to its valuer and the valuer's report for reasonableness and appropriateness. They also sampled a number of investment properties and sought Wilkes, Head and Eve's view on the resultant valuation from the council's valuer, and there were no issues or concerns identified.
