Staithe Surgery in Norfolk needed a Market Valuation for their GP practice because a property-owning partner wished to leave practice. As long-term clients of GP Surveyors, the practice contacted their long-standing Client Manager Paul Hardman.
Dr. Harris connected with Paul, who thoroughly explained the Market Valuation service and provided a service letter for review. Once Dr Harris was satisfied with the service and fees, he formally engaged GP Surveyors.
Paul then scheduled an inspection of the surgery from Adam Carratt, a highly experienced member of the primary care surveying team, to conduct the valuation. Adam performed a ‘Red Book’ Royal Institution of Chartered Surveyors (RICS) Valuation, which included a comprehensive survey of the practice with detailed measurements, a floor plan, and photo documentation of both the interior and exterior. This method adheres to RICS standards, ensuring accuracy and reliability.
After visiting the surgery in Norfolk and completing his market valuation survey, Adam compiled a detailed report outlining the practice’s value, supported by his reasoning and evidence.
Dr Harris was extremely pleased with the service provided by Adam and Paul, he expressed his gratitude, stating:
“I am happy with the service from GP Surveyors. I had a helpful call when arranging the survey. The whole process was done in a reasonable period of time and I am happy with the market valuation. I would have no hesitation recommending your services to any of my colleagues.”
If you require a market valuation for your GP surgery or have additional questions, please contact our friendly team today.
SOLD
GP Surveyors facilitate sales of surgeries across the UK and are regularly bringing GP properties to market. If you’d like to be kept up to date with new properties, please complete our investor form to register your interest.
The sale of this Derbyshire medical centre offers a fantastic investment opportunity.
Investment Summary
• Initial rent: £ 81,000 per annum
• Patient list size: 8,317
• FTE GPs: 4
• Lease: Tenants internal repair lease (TIR)
– Term: 15 year term (from completion date)
– Rent reviews: every 3 years
– Next rent review: 3 years from completion
Key Property Features
• Floor areas
Lower ground floor: 55.98 sqm
Ground floor: 361 sqm
First floor: 97.5 sqm
• Car parking spaces: 9
• Building type: Purpose build surgery dated 1993
Lime Grove Medical Centre is a large purpose-built practice, with accommodation over three floors. A tarmac car park with nine spaces is situated to the side of the property. The medical centre was built in 1993. In 2020 the ground floor was completely redecorated with new flooring laid throughout as well as a complete renovation of the reception area. In early 2023 additional works were completed on the lower ground floor.
Visitors enter the property into a porch, leading into a spacious waiting area, which adjoins the reception. The reception area includes an office area including the practice’s medical records store. Further office space on the ground floor includes the Practice Managers office, situated to the rear of the property. The rooms used for patient purposes are composed of nine consulting rooms, a large treatment room, an emergency room for hospital transfers, a vaccine store, and a quiet room. Facilities include three WCs, one of which is fully accessible and includes baby changing facilities.
The lower ground floor is accessible via the staircase, situated off the ground floor waiting area, to the rear of reception. The floor consists of a further six consultancy rooms and a waiting area. Facilities include two WCs, one of which is fully accessible. The three other rooms consist of stores, including a medical records store and a clinical waste facility.
The first floor is accessible via the staircases. The floor consists of an admin area, a staff kitchen, a staff room, and a large meeting room. There is a retractable wall between the staff and the meeting room, enabling a larger room to be created for meetings or training. Facilities include three staff WCs.
Click the floorplan to enlarge.
Please note GP Surveyors Anti-Money Laundering Policy for Clients and Purchasers.
GP Surveyors gives notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not indeed to constitute part of an offer or contract.
2. Any information contained herein (whether in text or photographs) is given in good faith but should not be relied upon as being a statement of representation of fact.
3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.
4. The photographs appearing in this brochure show only parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is a reference in these particulars to the fact that the
alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning regulations or other consents have been obtained and these matters must be verified by any intending purchaser.
7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an option and not by way of statement or fact.
8. All areas quoted are expressed as Net Internal Area (NIA) in accordance with the RICS Code of Measuring Practice 6th Edition and Guidance Note 60.
9. All prices and rents are exclusive of VAT but may be liable at the prevailing rate.
Offers over £765,000
Ormesby Medical Centre – Investment Summary
GP Practice
• Actual rent: £45,160 per annum
• Patient list size: 3,456
• Staff: 16 GP sessions per week and 16 nurse/HCA sessions per week, a paramedic four days a week, medical students on a Monday, five summarisers/scanners and coders, one full time care co-ordinator and one site lead/receptionist. During the new year we expect to add another Mental health worker, a nurse practitioner and a GP assistant.
• Freehold
• Lease: Tenant’s Internal Repairing (TIR)
– Term: 10 years
– Lease commenced: On completion date
– Break clause: 7 years
– Rent reviews: Every three years
Dentist Practice
• Actual rent: £9,500 per annum
• Lease: Internal Repairing and Insuring
– Lease term: 23 years
– Lease expires: 30/03/2039
Key Property Features
• Ground floor area: 366.69 sqm
• Car parking spaces: 21
• Building type: Purpose Built
The surgery is located at the bottom of a quiet cul-de-sac, in the popular Broadland village of Ormesby St Margaret, which has a range of schools, shops and a garage. The whole area has seen many medium/large scale residential developments over the past few years and Ormesby currently has planning consent for 223 further houses which have not yet been built and have future potential for a great deal more.
Externally, to one side, the building has a large, gravelled car park with parking for 21 cars. To the front, side and rear of the building, it has a mature hedge surrounding a wide strip of grass.
All of the original building is heated with electrical storage heaters except for the waiting area which is heated by air conditioning units, the extension is heated with electrical convection heaters.
Ormesby Medical Centre is single-story, brick-and-tile constructed, purpose-built medical centre with a surgery of 260.8 square metres, net internal and a dentist of 91.38 square metres, net internal. The original building was constructed around 1990 and an extension was part funded by an NHS loan in 2014. This extension consists of a staff entrance corridor with a lobby, a meeting room, a notes storage room (originally a shower room), a staff toilet and three office rooms.
GP Practice
The original surgery consists of a double-doored main entrance lobby, which is shared access with the dentist along with shared patient WCs. A second set of double doors opens onto a large reception and waiting area. The waiting area is full height with a large glazed central part at the apex, allowing a large amount of natural light to enter the waiting area which has fixed seating for 34 patients.
Off the waiting area, which benefits from new vinyl flooring throughout are seven consultation rooms, a nurse’s storeroom, and the practice’s central storeroom. An island to the rear of the waiting area contains a patient WC, a disabled WC, a small cleaner’s cupboard, and an electrical intake room with a small loft room above containing the server. The waiting area is heated by two hot/cold air conditioning units, with a storage heater to the rear corridor.
A common room/kitchen is located off the waiting room, which, allows access to a post room/store, a walk-through back office and onto the main reception room, with a hatch through to the waiting area.
Dentist
The Dentist consists of a short corridor from the shared lobby, leading into a waiting area with a reception room. Off this are two treatment rooms and a staff room/office and behind the reception is a small Lab room.
Click the floorplan to enlarge.
Please note GP Surveyors Anti-Money Laundering Policy for Clients and Purchasers.
GP Surveyors gives notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not indeed to constitute part of an offer or contract.
2. Any information contained herein (whether in text or photographs) is given in good faith but should not be relied upon as being a statement of representation of fact.
3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.
4. The photographs appearing in this brochure show only parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is a reference in these particulars to the fact that the
alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning regulations or other consents have been obtained and these matters must be verified by any intending purchaser.
7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an option and not by way of statement or fact.
8. All areas quoted are expressed as Net Internal Area (NIA) in accordance with the RICS Code of Measuring Practice 6th Edition and Guidance Note 60.
9. All prices and rents are exclusive of VAT but may be liable at the prevailing rate.
Under offer
Leases available upon request.
Investment Summary
Practice
• Patient list size: 9,534
• FTE doctors: 5
• Initial Rent: £55,745 per annum (subject to confirmation by the District Valuer).
• Tenants Internal Repair lease (TIR)
– Term: 15 year lease
– Rent reviews: every 3 years
Key Property Features
• Floor area: Ground Floor = 284.54 m2 – First Floor = 95.88 m2
• Car parking spaces: 25 including 1 access parking
• Building type: The is a converted property and is in good condition. There is a residential flat which is currently let on an ASH Tenancy.
Northwood Medical Centre is in a fantastic location in a suburb of Cotteridge, South Birmingham and serves a patient list size approaching 10,000. The practice is situated with superb transport access, with its proximity to Kings Norton train station and a number of bus routes.
The medical centre presents an excellent investment opportunity as a two-story, converted property in good condition. Currently, there is a residential two-bedroom flat occupying half of the first floor. This flat could continue to be let or has the potential for the practice to expand into this space.
The medical centre offers a generous total floor area of 380.42 square meters and features a spacious tarmac car park to the front and rear of the property, with capacity for 25 cars.
The ground floor is 284.54 square metres and consists of a spacious reception and waiting room, three consulting rooms, a physiotherapy room, a chiropody room, a nurses’ room, and a minor operations room. Staff space on the ground floor includes three office suites and a records room. There is ample storage space provided by several large cupboard spaces. Facilities include two toilets, one of which is an accessible toilet.
The first floor is accessible via a lift and two staircases, which are situated at each end of the property. One staircase accesses the flat, and the other the surgery staff space, which is also accessible via the lift.
The first-floor practice space has a total floor area of 95.88 square meters and consists of three office suites, a large common room, and a large server/storeroom. Facilities include two toilets.
The first floor flat consists of two bedrooms, a spacious lounge, a large dining room, a kitchen, and a bathroom. The flat has a total floor area of approximately 95.88 square meters.
Northwood Medical Centre is a fantastic primary care property investment opportunity, to express your interest please contact us on the details below.
Click plan to enlarge
Contact Rebecca Reynard
Rebecca Reynard
Director of Agency and Sales
0114 281 5850
[email protected]
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GP Surveyors gives notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not indeed to constitute part of an offer or contract.
2. Any information contained herein (whether in text or photographs) is given in good faith but should not be relied upon as being a statement of representation of fact.
3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.
4. The photographs appearing in this brochure show only parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is a reference in these particulars to the fact that the
alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning regulations or other consents have been obtained and these matters must be verified by any intending purchaser.
7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an option and not by way of statement or fact.
8. All areas quoted are expressed as Net Internal Area (NIA) in accordance with the RICS Code of Measuring Practice 6th Edition and Guidance Note 60.
9. All prices and rents are exclusive of VAT but may be liable at the prevailing rate.
Under offer
(Offers over £2.2 million)
Lease available upon request.
The sale of this Christmas Maltings Surgery offers a fantastic investment opportunity.
Investment Summary
GP Practice
• Initial rent: £131,000 per annum
• Patient list size: 18,250
• FTE GPs: 5
• Lease: Tenants internal repair lease (TIR)
– Term: 15 years (start date 11/10/23)
– Rent reviews: every 3 years
Pharmacy
• Initial rent: £25,800 per annum
• Lease: Tenants internal repair lease (TIR)
– Term: 14 years from September 2024
– CPI Rent Reviews
– Rent reviews: every 3 years
Key Property Features
• Floor area: 944 sqm
• Car parking spaces: 27
• The building was built in 1990
Christmas Maltings Surgery is located close to the centre of Haverhill in Suffolk. The town of Haverhill is home to 27,000 people (Census 2021) with a further 10,000 people living in the surrounding villages. There is also growth on the horizon, with the 2024 West Suffolk Masterplan underway. Two major housing construction sites are already underway, to the north of Haverhill, which will add a further 3,500 homes to the area.
Christmas Maltings Surgery presents an excellent investment opportunity as a two-story, purpose-built GP surgery constructed of brick and tile in 1990. This large medical centre, which includes a pharmacy, offers a total floor area of 944 square meters and features a spacious tarmac car park at the rear of the property.
This is an excellent primary care investment opportunity in Suffolk. The ground floor is 621.23 square metres and consists of eleven consulting rooms, three treatment rooms, three examination rooms, a minor operation room, two waiting areas, two offices, a staff room, WC facilities, a dispensary and a pharmacy.
You can access the first floor via two staircases, which are situated at each end of the property. The first floor is 322.87 sqm and consists of seven offices, three staff rooms, a meeting room, a kitchen, large storage areas and WC facilities.
The practice is currently undertaking internal refurbishment to bring the property up to current bio-hygiene standards.
Click the floorplan to enlarge.
Please note GP Surveyors Anti-Money Laundering Policy for Clients and Purchasers.
GP Surveyors gives notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not indeed to constitute part of an offer or contract.
2. Any information contained herein (whether in text or photographs) is given in good faith but should not be relied upon as being a statement of representation of fact.
3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.
4. The photographs appearing in this brochure show only parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is a reference in these particulars to the fact that the
alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning regulations or other consents have been obtained and these matters must be verified by any intending purchaser.
7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an option and not by way of statement or fact.
8. All areas quoted are expressed as Net Internal Area (NIA) in accordance with the RICS Code of Measuring Practice 6th Edition and Guidance Note 60.
9. All prices and rents are exclusive of VAT but may be liable at the prevailing rate.
The NHS (General Medical Services – Premises Costs) Directions 2024 were finally published on 9 May 2024, replacing the 2013 Directions, and coming into effect on 10 May 2024. Moving forward, all payments to GMS GP contractors for premises costs will be governed by the new Premises Costs Directions.
Key Changes
Grants and Abatements
- Integrated Care Boards (ICBs) are now able to award GP improvement grants of up to 100% of the project value, an increase from the previous limit of 66%.
- Grants have been expanded to include the acquisition of land for premise extensions and tenant fitouts of new builds.
- Grant amounts have been increased, while the abatement period and guaranteed usage period have been shortened.
| 2013 Directions | 2024 Directions | ||
|---|---|---|---|
| Commissioner contribution 33-66% | Commissioner contribution up to 100% | ||
| Value exc. VAT | Abatement/guaranteed use | Value | Abatement/guaranteed use |
| Up to £100k | 5 years | Up to £144k | 6 years |
| £100 - £250k | 10 years | £144k - £360k | 9 years |
| Over £250k | 15 years | £360k - £660k | 12 years |
| £660k - £1.2m | 15 years | ||
| Over £1.2m | 18 years | ||
Notional Rent Assessments
- The 2024 Cost Directions introduce the role of an ‘appointed valuer,’ defined as:A suitably qualified professional registered with the Royal Institution of Chartered Surveyors, appointed by NHS England to perform property valuations or related specialist services.
Property valuations for NHS England can now be undertaken by an ‘appointed valuer,’ previously this was exclusively managed by the District Valuer Service (DVS). This change may help alleviate the significant delays in funding application approvals.
- Applications for notional rent and rent reimbursement must include notification to NHS England on the acceptance or rejection of the funding assessment within 12 weeks, or within a longer period agreed upon by NHS England and the contractor.
Leasehold Premises
- NHS England and ICBs are prohibited from negotiating directly with landlords regarding rent determination.
- Rent reviews will not require contractors to conduct their own valuation, only to provide evidence of the negotiation with the landlord, which may or may not include a formal valuation.
- The new Directions allow leases to be assigned to a nominee of NHS England if a practice returns its General Medical Services contract but cannot find a successor to take over the practice/lease. A protocol will need to be developed to support this change.
It is still very early to gauge what impact the Premises Costs Directions 2024 may have. There will be a period of uncertainty as practices, ICBs, DVS, and advisors adapt to the new Directions. We will monitor developments in the sector and consult with stakeholders to stay informed on the application of the new directions.
If you have recently received your Notional Rent figures letter, are about to undertake a Leased Rent review, considering improvements to your premises, or considering putting a lease in place, it is highly advisable to seek specialist GP property advice.
SOLD
Offers Over: £3.8 million
Investment Summary
GP Practice
• Initial rent: £199,600 per annum
• Patient list size: 9,450
• FTE GPs: 7 GP’s (4 Partners, 3 salaried GPs)
• Freehold
• Lease: Tenants Internal Repairing (TIR)
– Term: 15 years
– Lease commences: On date of completion
– Rent reviews: Every three years, from completion date
Dentist
• Let to Whitecross Dental Care Ltd
• Dentists rent: £78,158.48 per annum
• Rent reviews: 3 yearly RPI reviews
• Lease term: 25 years
– Lease commenced: 2011
– Lease expires: 2nd May 2036
Key Property Features
• Total floor area: 1,183.27 sq m
• Car parking spaces: 74
• Building type: Purpose built in 2011 by the current business partners to BREAM excellent standards
Constructed in 2011 George House is a purpose-build, modern and spacious building, located in the thriving South Norfolk village of Loddon. The property has a total floor area of 1,183.27 square metres and houses Chet Valley Medical Practice and Loddon Dental Practice.
The GP surgery has a current list size of around 8,950 patients, and covers a large geographical area. The catchment area is between the villages of Bramerton, just outside of Norwich, along the A146 Beccles Road, out to Norton Subcourse and Haddiscoe, and southerly to Ditchingham on the Suffolk border. The surgery is a dispensing practice and dispenses to approximately 4,000 patients.
The thriving dental practice on the first floor of the property is let to Whitecross Dental Care Ltd and sees both NHS and private patients.
Click the floorplan to enlarge.
Please note GP Surveyors Anti-Money Laundering Policy for Clients and Purchasers.
GP Surveyors gives notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not indeed to constitute part of an offer or contract.
2. Any information contained herein (whether in text or photographs) is given in good faith but should not be relied upon as being a statement of representation of fact.
3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.
4. The photographs appearing in this brochure show only parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is a reference in these particulars to the fact that the
alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning regulations or other consents have been obtained and these matters must be verified by any intending purchaser.
7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an option and not by way of statement or fact.
8. All areas quoted are expressed as Net Internal Area (NIA) in accordance with the RICS Code of Measuring Practice 6th Edition and Guidance Note 60.
9. All prices and rents are exclusive of VAT but may be liable at the prevailing rate.
UNDER OFFER
Offers over £335,000
North Caister Medical Centre – Investment Summary
GP Practice
• Actual rent: £27,000 per annum
• Patient list size: 3,369
• GPs: On average it has 30 GP sessions per week, 27 nurse/HCA sessions per week and has a mental health worker one day per week. It also has a site lead/HCA on site.
• Freehold
• Lease: Tenant’s Internal Repairing (TIR)
– Term: 10 years
– Lease commenced: On date of completion
– Break Clauses: 7 years
– Rent reviews: Every three years
Key Property Features
• Ground floor area: 176.21 sqm
• First floor area: 68.32 sqm
• Car parking spaces: 6
• Building type: Purpose Built
This surgery is set on a quiet road in the large Broadland village of Caister-on-sea. Caister has a huge range of shops, schools, pubs, and restaurants and has seen an abundance of large-scale developments over the past 20 years, this is continuing with planning consent having been granted for a further 726 houses which have not yet been built.
This surgery is of a two-story brick and tile construction, with a modular building extension comprising two high-spec consultation rooms, which were added in 2011-2012.
The original building dates to the mid to late 1980’s and consists of an entrance porch with an automatic door, leading into a waiting area with seating. The two modular consultation rooms lead off this waiting area as does a corridor which leads to the stairs, office/reception rooms and four ground-floor consultation rooms (making six on the ground floor in total). The ground floor also has a patient WC and a rear exit/staff entrance, which leads out onto a rear path.
The first floor has a further treatment room, an office, a nurse’s storeroom, a staff room/kitchen, a staff WC, and a small cleaner’s cupboard, all accessed from a landing.
This surgery has had a considerable renovation over the past two years, with a full new set of UPVC windows being fitted, along with new blinds, a new gas-fired central heating system, lighting all changed to LED and a total re-decoration.
Externally there is a parking area to the front of the building, off the road, and a paved area which runs down one side to the rear path which leads to the staff entrance, a small walled staff welfare outside sitting space is also accessed from this path.
Click the floorplan to enlarge.
Please note GP Surveyors Anti-Money Laundering Policy for Clients and Purchasers.
GP Surveyors gives notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not indeed to constitute part of an offer or contract.
2. Any information contained herein (whether in text or photographs) is given in good faith but should not be relied upon as being a statement of representation of fact.
3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.
4. The photographs appearing in this brochure show only parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is a reference in these particulars to the fact that the
alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning regulations or other consents have been obtained and these matters must be verified by any intending purchaser.
7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an option and not by way of statement or fact.
8. All areas quoted are expressed as Net Internal Area (NIA) in accordance with the RICS Code of Measuring Practice 6th Edition and Guidance Note 60.
9. All prices and rents are exclusive of VAT but may be liable at the prevailing rate.
SOLD
This Merseyside GP surgery is newly for sale, offering a fantastic investment opportunity.
Investment Summary
GP Practice
• Initial rent: £ 48,142per annum
• Patient list size: 7,600
• FTE GPs: 5
• Tenants internal repair lease (TIR)
– Term: 15 year term (from TBC)
– Rent reviews: every 3 years
– Next rent review: 3 years from completion
Key Property Features
• Ground floor area: 291.18 sq m
• First floor area: 73.61 sq m
• Car parking spaces: 6
• Building type: Purpose built practice (1992)
• Ground lease:
– 125 years (start date – 16/06/1992)
– Ground rent: £9,860
Glovers Lane Surgery is a large purpose-built GP surgery, dated 1992 and offers two floors of accommodation, with a tarmac car park situated to the rear of the property, which has space for six cars. The practice is situated in close proximity to a large municipal car park which is free to use.
The ground floor consists of ten consulting rooms, two offices, a separate reception area/office space and a patient privacy cubicle. The surgery benefits from a welcome lobby with disabled access and a large waiting room. Storage areas include a medical records store, a cleaning/utility room and a refuse store. Facilities include two large disabled access WCs and a kitchenette.
The first floor consists of one office, a staff room/kitchen, a large common room, two WCs and a storeroom.
Click the floorplan to enlarge.
Please note GP Surveyors Anti-Money Laundering Policy for Clients and Purchasers.
GP Surveyors gives notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not indeed to constitute part of an offer or contract.
2. Any information contained herein (whether in text or photographs) is given in good faith but should not be relied upon as being a statement of representation of fact.
3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.
4. The photographs appearing in this brochure show only parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is a reference in these particulars to the fact that the
alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning regulations or other consents have been obtained and these matters must be verified by any intending purchaser.
7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an option and not by way of statement or fact.
8. All areas quoted are expressed as Net Internal Area (NIA) in accordance with the RICS Code of Measuring Practice 6th Edition and Guidance Note 60.
9. All prices and rents are exclusive of VAT but may be liable at the prevailing rate.
SOLD
The sale of this Swansea GP surgery offers a fantastic opportunity for investment.
Investment Summary
• Initial rent: £74,750 per annum
• Patient list size: 7,802
• FTE GPs: 3
• Lease: Tenants internal repair lease (TIR)
– Term: 15 year term (from TBC)
– Rent reviews: every 3 years
– Next rent review: 3 years from completion
Key Property Features
• Property floor area: 614 sq m
• Car parking spaces: 42
• Building type: Purpose Built
Princess Street Surgery is a large purpose-built practice, with accommodation over two floors. A sizable tarmac car park with 42 spaces is situated to the front of the property.
Visitors enter the property via a porch, situated in the middle of the building. The porch leads to a lobby which joins the middle of a large waiting area, with seating to the right and left, including a separate play area. In the centre of the property is the surgery reception and to the rear of the reception area is a large office space, including records storage. The rooms used for patient purposes are composed of six consulting rooms, two treatment rooms, two trainee rooms and a separate room for nurses and one for health visitors. Facilities include two WCs, both of which are fully accessible. The ground floor is completed by two separate storerooms.
The first floor is accessible via two separate staircases, one at each end of the property. The floor consists of five offices and a staff room. There is plenty of room for storage, with four separate storerooms and a boiler room. Facilities include a kitchen and two WC’s.
Click the floorplan to enlarge.
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1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not indeed to constitute part of an offer or contract.
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3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.
4. The photographs appearing in this brochure show only parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is a reference in these particulars to the fact that the
alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning regulations or other consents have been obtained and these matters must be verified by any intending purchaser.
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General practice has recently seen a surge in early retirements and with the proportion of GP partners aged over 55 rising above 30% for the first time, this trend is set to continue. With many practices undertaking partnership change or set to, GP Surveyors examines why a GP premises valuation is needed and the benefits of instructing a healthcare valuation specialist.
GP premises Market Valuations
The process of a property-owning partner leaving can be quite straight forward, if existing or new partners wish to buy out the departing partners share in the property. In such a scenario the practice simply needs to instruct specialist healthcare surveyors to carry out a market valuation, to ascertain the current value of the practice premises.
Why instruct a specialist healthcare surveyor?
Instructing specialist surveyors to carry out a market valuation of the practice property is essential as the basis of valuing a GP surgery is different from the valuation of other commercial premises. A healthcare surveyor would commonly value the surgeries’ property based on the practice’s rental income stream (e.g. Notional Rent). Comparable evidence of similar GP practice rental income in the given area is also key to a surveyor producing an accurate market valuation. A firm of experienced healthcare surveyors should have access to a significant amount of up-to-date comparable evidence, which will enable them to produce a reliable market valuation of a practice.
Avoiding GP premises valuation disputes
Valuation disputes are uncommon but have been known to happen during partnership change, with the departing partner wishing the valuation to be higher and those buying in wanting it to be lower.
Claire Kersey (GP Surveyors, Associate Director – MRICS, RICS Registered Valuer):
“GP Surveyors have been involved in a case where we valued the practice premise over £1 million and a commercial surveyor valued the premises significantly lower. We were acting for the departing partner and a commercial surveyor for the remaining practice partners. Unfortunately on this occasion the case ended up in court. The outcome being that GP Surveyors valuation stood, due to the comparable evidence used to establish the valuation.”
Instructing an experienced firm of healthcare surveyors will ensure all parties have full confidence that an accurate and reliable market valuation of the surgery has been reached, based on market evidence. The buy-out can then proceed at a fair and reasonable price for all parties.
The valuation process
Clare Kersey (GP Surveyors, Associate Director ) explains the Market Valuation process:
“Having received a client instruction, I arrange a visit to the surgery, carry out a full survey of the premises and undertake what is known as a ‘Red Book’ Royal Institute of Chartered Surveyors (RICS) valuation of the premises. Drawing upon GP Surveyors’ wealth of comparable GP property evidence and my experience, I then produce a written report for the practice, detailing the value of the property and my reasoning.”
Further considerations
When a property-owning partner retires, practices should consider whether:
- The practice requires a lease to be put in place?
- The Sale and Leaseback or Sale and Transfer of the surgery could help alleviate future succession issues?
For the answers to these questions and further advice see our article, GP property and planning for partners retirement.