Maiden Notional Rent review delivers a fantastic increase for Buckinghamshire practice
GP Surveyors first got in touch with Sarah Deeks (Marlow Medical Group – Practice Manager), having successfully concluded a Notional Rent review on a neighbouring practice. One of our highly experienced Client Managers, Sue Cockayne chatted with Sarah to explain how GP Surveyors expert team checks a practice’s Notional Rent figure. Sue highlighted that the practice could have reassurance their Notional Rent was in line with similar practices in the locality or if there was evidence to the contrary, GP Surveyors could challenge the District Valuers (DVs) opinion. Having run through the initial consultation with Sue, Sarah decided to instruct GP Surveyors to check the next of the group’s surgeries, that was due its Notional Rent figures.
Sue duly organised for one of our Senior Surveyors, Dave Simpson, to visit The Doctors’ House surgery and begin the practice’s Notional Rent check. Dave visited the surgery and carried out a full inspection, including measuring the property in full, drawing up a floorplan, photo-documenting the standard of the premises and confirming the use of all the floor space with the practice.
Checking the practices Notional Rent
On his return to the office, Dave compiled all his findings from the inspection. Dave then cross-checked the practice’s proposed Notional Rent figure against GP Surveyors vast database of comparable evidence to ascertain if the surgery had a case to challenge the DVs Notional Rent valuation. When comparing The Doctors House with similar premises in the locality, Dave found there to be sufficient evidence to move forward with a challenge to the DVs initial opinion of the surgery’s Notional Rent.
Dave also found several other factors to base his challenge around, including:
- Inaccurate floor areas
The DV had excluded certain areas that were eligible for inclusion, including a portacabin.
- Car parking spaces
Including a higher number of eligible spaces in the rental figure.
- Low unit rate in comparison to practices in the locality
Once Dave had compiled his case, he sent his valuation to the DV to begin negotiations. Floorplans, measurements, and evidence were exchanged, and Dave was able to successfully negotiate an increase of 3.72% above the DVs initial Notional Rent valuation. Sarah Deeks and the Marlow Medical Group were very pleased with the result:
“We used GP Surveyors to contest our notional rent and found the process quick and easy with virtually no input required from the practice throughout the process. We were also successful! Highly recommend.”
The increase Dave secured resulted in a significant boost to the practice’s annual income and in turn, is highly likely to have increased the investment value of the property.
We hope you have found our Buckinghamshire case study useful, see our full range of Notional Rent case studies here.
Review your practices Notional Rent
If you would like GP Surveyors to carry out a Notional Rent review for your practice, or you have any further questions please contact our team today.