Project/Case Overview
Property Type
Petroleum and Energy Infrastructure Portfolio
Client
Global Energy Company / Legal Advisors (Tax & Transaction Advisory)
Reason for Service
Portfolio revaluation on the ASX and Capital Gains Tax (TARP) provisions
1,275
fuel service stations included within the national portfolio, comprising both freehold and leasehold interests
Preston Rowe Paterson was instructed by King & Wood Mallesons, acting for Chevron, to undertake a comprehensive portfolio‑wide valuation and valuation advisory assignment in respect of Caltex Australia Limited’s national real property holdings.
The valuation formed a critical component of Chevron’s transaction and tax structuring processes, requiring a defensible, transparent and internally consistent valuation framework capable of withstanding regulatory and expert scrutiny.
The properties were located across all Australian states and territories, encompassing metropolitan, regional and remote locations, with significant variation in land values, zoning, environmental risk and operational characteristics.
Summary of Scope of Services
- Portfolio‑wide valuation of Caltex Australia Limited’s national real property holdings;
- Indicative assessment of market value for Division 855 (Capital Gains Tax) purposes;
- Adoption of restricted access inspections, desktop valuation and extrapolation methodologies; and
- Explicit consideration of leasehold interests and environmental remediation liabilities.
Asset Overview:
The asset comprises a large and complex national portfolio comprising oil refineries, bulk fuel terminals, distribution depots and an extensive network of freehold and leasehold fuel service stations located across all Australian states and territories.
Valuation Methodology
A structured, market‑aligned valuation framework was adopted to reflect the size, diversity and specialised nature of the portfolio, including:
- Sample‑based restricted access valuations of representative refineries, bulk fuel terminals, depots and service stations
- Desktop re‑valuation of legacy assets previously valued by Preston Rowe Paterson and still held within the portfolio
- Methodology extrapolation across balance assets, stratified by asset class, location and tenure
- Application of direct comparison, income‑based and depreciated replacement cost methodologies, as appropriate to asset type
- Separate consideration of freehold and leasehold interests, including tenant‑funded improvements
- Explicit recognition and deduction of environmental remediation and dismantling liabilities, consistent with market behaviour
The adopted approach ensured the valuation outcomes were internally consistent, market‑reflective and suitable for tax, transaction and regulatory scrutiny.
This engagement demonstrates Preston Rowe Paterson’s expertise in:
- Large‑scale national portfolio valuations
- Energy and fuel infrastructure assets
- Restricted‑access and desktop valuation methodologies
- Valuation advisory for tax, transaction and regulatory purposes
We Deal with the Mainstream & Specialise in the Complex for all asset classes
