Long term client benefits from another successful notional rent review.
GP Surveyors have been working for Apollo Surgery for over 12 years, checking their notional rent figure on 5 separate occasions. When the surgery received their latest notional rent figures in 2018, they contact their Client Manager, Carolyne Fairey and instructed us to check the District Valuers (DV) proposal.
Since our previous inspection the surgery had carried out improvement works on the premises and therefore a fresh inspection was required. We dispatched one of our specialist Valuations Surveyors to meet Dr. Prasad (GP Partner) at the surgery and a full inspection of the premises was completed.
Once our surveyor had completed their inspection of the surgery, they compiled their findings. Then to establish the current market rent of the practice a search of our extensive database of comparable rental evidence was carried out. Having examined the evidence our surveyor concluded that there was a strong case to challenge the DVs proposed notional rent figure.
The case for an increase was based upon the following factors;
- Floor areas
Areas had been excluded which our surveyor believed were eligible for notional rent reimbursement.
- Low unit rate
The surgery is a purpose-built premises, therefore it should be placed in line with similar premises, in the locality, on a higher unit rate.
Our surveyor then began negotiations with the DV to bring the surgeries notional rent valuation in line with comparable surgeries in the locality. Drawing upon our vast database of local comparable evidence we were able to successfully negotiate a 9.62% increase in notional rent, above the DVs proposed valuation of the surgery. A result the surgery was very pleased with.
This increase resulted in a significant boost to the surgery’s annual income and in turn, is highly likely to have increased the surgery’s capital value.
Reena Prasad, Business Manager, Apollo Surgery concludes:
“Excellent, efficient and very professional service. A successful outcome to our notional rent review, I would highly recommend GP Surveyors.”