Case Study – Market Valuations

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.

The owners at Maxwell Drive Surgery in Loughborough required a Market Valuation for their GP practice due to a property-owning partner wishing to sell their share. As a long-term client of GP Surveyors Mr Singh, one of the owners, got in touch.

“GP Surveyors have always been our go-to team whenever we have needed advice on market valuation, notional and pharmacy rent negotiations.”

On this occasion, Mr Singh spoke with Laura Dews, one of GP Surveyors’ experienced Client Managers. On the call, Laura comprehensively explained the GP Surveyors Market Valuation service to Mr Singh and sent over a service letter for the partners to review. Once all the partners were happy with the service and fees, they duly instructed GP Surveyors.

Laura then arranged for Dave Smith, one of the firm’s highly experienced primary care surveying team, to visit the property. Dave undertook a ‘Red Book’ Royal Institution of Chartered Surveyors (RICS) Valuation. This is an extensive survey of the practice, including detailed measurements, drawing up of a floor plan and photo documenting the entire interior and exterior of the property. This inspection method is globally recognised and adheres to RICS standards, ensuring accuracy and reliability.

Once Dave completed the survey, he compiled a detailed report outlining the practice’s value and his reasoning and evidence to support this valuation.

The owners of Maxwell Drive Surgery were incredibly pleased with the service provided by Dave and Laura. The detailed report and professionalism exhibited by the team were commendable. Mr Singh expressed his gratitude, stating:

“Thank you very much for the recent Market Valuation of our surgery as one of the property-owning partners wanted to sell his share. Dave Smith and Laura Dews were very professional throughout and kept us informed at every stage of the process.”

Before proceeding with the disposal or acquisition of any GP practice premise, it is of paramount importance to obtain a current Market Valuation. It is crucial to instruct a specialist primary care surveyor to undertake this work since the valuation criteria for a GP practice differ from those of general commercial properties.

Typically, a healthcare surveyor will base the valuation on the practice’s rental income, such as Notional Rent. To ensure accuracy, it is vital for the surveyor to have access to comparative data on rental incomes of similar GP practices in the locality. Experienced healthcare surveyors will possess an extensive range of recent comparative data, which is vital in generating an accurate Market Valuation.

Should you require a market valuation for your GP surgery or have additional inquiries, please do not hesitate to contact the GP Surveyors team.

Should you wish for GP Surveyors to undertake a market valuation for your establishment or if you’re seeking further information, please contact our friendly team today.

New customer impressed with their GP surgery Market Valuation

Ms Patel, the Landlord of Furzton Surgery located in Milton Keynes, was in need of a Market Valuation for the practice. The primary reason for the valuation was accountancy purposes. After extensively researching healthcare surveyors, Ms Patel reached out to the GP Surveyors via phone. Paul Hardman, one of our dedicated specialist Client Managers, promptly addressed her enquiry.

Paul introduced Ms Patel to the nuances of our Market Valuation service. Following their discussion, a detailed service letter was dispatched to Ms Patel, laying out the service specifics and associated fees. After carefully reviewing the letter and benchmarking against other providers, Ms Patel decided to instruct GP Surveyors. Laura swiftly coordinated with Dave Smith, one of our seasoned valuation surveyors, to begin the valuation.

Dave meticulously gathered all pertinent details about the property and drew up Ms Patel’s terms of engagement to detail the exact basis of the valuation of Furzton Surgery. Subsequently, Dave conducted an on-site assessment at the premises, performing a comprehensive ‘Red Book’ valuation as per the standards of the Royal Institute of Chartered Surveyors (RICS). Utilising GP Surveyors’ expansive database of GP property valuation evidence, combined with his vast expertise, Dave crafted a comprehensive Market Valuation report. This report detailing the value of the property and his reasoning.

Throughout the process, Dave’s commitment to timely delivery was evident, ensuring Ms Patel could move forward as intended.

Ms Patel commented:

“I am very happy with our valuation of Furzton Surgery carried out by GP Surveyors´ David Smith. David and Paul Hardman (Client Manager) are very helpful, promptly answering every query about my valuation. When I have other valuations due, I am definitely going to use GP Surveyors. I am very impressed with your services and compatibility.”

Understanding the importance of GP Practice Market Valuation:

It’s wise to secure a recent Market Valuation when considering the acquisition or sale of a primary care facility. Engaging expert primary care surveyors is crucial for such evaluations, given that the valuation criteria for a GP surgery diverge from typical commercial properties. Usually, a healthcare surveyor would assign value to a practice based on factors like rental income, for instance, Notional Rent. Having access to similar GP practice rental income in the vicinity of the subject property is paramount to a surveyor in order to produce an accurate Market Valuation. Seasoned healthcare surveyors, equipped with a wealth of current comparative data, are best positioned to deliver a reliable Market Valuation.

Should you wish for GP Surveyors to undertake a market valuation for your establishment or if you’re seeking further information, please contact our friendly team today.

Dundee medical centre requires market valuation for partnership change

The partners at Hawkhill Medical Centre in Dundee found themselves in need of a Market Valuation for their GP practice due to imminent changes in the partnership. Of the seven partners that made up the practice, two were preparing to depart. The responsibility of finding a suitable surveyor for the valuation fell on Jacqueline Cadger, the Practice Manager.

After conducting a thorough search of healthcare surveyors, Jacqueline called GP Surveyors. Laura Dews, one of GP Surveyors’ experienced Client Managers answered. On the call, Laura comprehensively explained the GP Surveyors Market Valuation service to Jacqueline and provided a service letter for the partners to review. Once the partners were acquainted with the service and what GP Surveyors had to offer, they gave the green light.

Laura then arranged for Dave Smith, one of GP Surveyors specialist primary care surveys, to visit the property. Dave conducted an extensive survey on the practice, employing a methodology referred to as the ‘Red Book’ Royal Institution of Chartered Surveyors (RICS) Valuation. This method is recognized globally and adheres to RICS standards, ensuring accuracy and reliability.

Upon completion of the survey, Dave compiled a detailed report outlining the practice’s value and his reasoning and evidence to support this valuation.

The partners at Hawkhill Medical Centre were thoroughly satisfied with the service provided by GP Surveyors. The detailed report and professionalism exhibited by the team were commendable. Jacqueline expressed her gratitude, stating:

“ The surveyor was very professional in his approach to my questions, and we received our survey report back in the timescale advised. I am new to the position of Practice Manager even though I have worked at the Practice for a vast number of years. This was a new learning curve for me, and GP surveyors made it a very easy one. Thank you for your help.”

Before proceeding with the acquisition or disposal of any primary care premises, it is imperative to secure a current Market Valuation. It’s crucial to commission specialist primary care surveyors for this task since the valuation criteria for a GP surgery differ from that of general commercial properties.

Typically, a healthcare surveyor will base the valuation on the practice’s rental income, such as Notional Rent. To ensure accuracy, it’s vital for the surveyor to have access to comparative data on rental incomes of similar GP practices in the vicinity. Seasoned healthcare surveyors will possess an extensive collection of recent comparative data, which is instrumental in generating a dependable Market Valuation.

We hope that our Dundee GP market valuation case study proves to be a useful resource, you can read more case studies on our specialist market valuation service here.

Should you require a market valuation for your GP surgery or have additional inquiries, please do not hesitate to contact the GP Surveyors team.

New client impressed with their GP surgery Market Valuation

The partners of Ashworth Street Surgery, Lancashire, required a Market Valuation of their GP practice due to an upcoming partnership change. The practice partnership comprised eight partners, with one set to leave the practice. Lisa Mitchell, Practice Manager, was tasked with sourcing a surveyor to undertake the valuation.

Having undertaken her research on healthcare surveyors, Lisa first got in touch with GP Surveyors via our website. The enquiry was picked up by Laura Dews, one of our highly experienced Client Managers who was quick to respond. Laura took Lisa through our Market Valuation service in detail and sent over our service letter for the partners to read. Having discussed the service and GP Surveyors with the partners the practice was happy to proceed. Once instructed Laura organised for one of our specialist valuation surveyors, Dave Smith, to inspect the property.

Dave carried out a full survey of the practice undertaking what is known as a ‘Red Book’ Royal Institute of Chartered Surveyors (RICS) valuation. Drawing upon GP Surveyors’ vast database of comparable GP property evidence and his experience, Dave produced a detailed Market Valuation report for the practice, stipulating the value of the property and his reasoning.

Dave worked diligently to ensure the report was turned around within the required time frame and that all parties were able to proceed as planned.

Lisa Mitchell (Practice Manager), was very pleased with all aspects of our Market Valuation service and contacted us to say:

“Both Dave and Laura are an asset to the whole process from start to finish, excellent. I would definitely recommend GP Surveyors to colleagues.”

GP Surveyors Associate Director, Clare Kersey (MRICS | RICS Registered Valuer) has the following advice with in regard to market valuations:

“Obtaining an up-to-date Market Valuation is essential before any acquisition or disposal of a primary care premises. Instructing specialist primary care surveyors to undertake a Market Valuation is essential, as the basis of valuing a GP surgery differs from the valuation of other commercial premises. A healthcare surveyor would usually value the practice’s property based on the rental income e.g., Notional Rent. Comparable evidence of similar GP practice rental income in the given area is also paramount to a surveyor producing an accurate Market Valuation. Experienced healthcare surveyors should also have access to a substantial amount of up-to-date comparable evidence, which enables them to produce a reliable Market Valuation.”

If you would like GP Surveyors to carry out a market valuation for your GP surgery, or you have any further questions please contact our friendly team today.

Landlord  requires valuation of GP practice

The landlord of Bedford Street Surgery in Milton Keynes, Mr Patel, required a market valuation for asset management purposes. Having previously engaged GP Surveyors for two rent reviews, Mr Patel contacted them again.

On this occasion, Mr Patel spoke with Kelly Cooke, an experienced Business Development Manager at GP Surveyors. During the call, Kelly thoroughly explained the GP Surveyors Market Valuation service and provided terms of engagement for Mr Patel’s valuation. After considering the service and associated fees, Mr Patel instructed GP Surveyors to proceed.

Kelly then arranged for Dave Smith, a highly experienced member of the primary care surveying team, to visit the property. Dave conducted a ‘Red Book’ Royal Institution of Chartered Surveyors (RICS) Valuation, a comprehensive survey that includes detailed measurements, the creation of a floor plan, and photographic documentation of the property’s interior and exterior. This globally recognized inspection method adheres to RICS standards, ensuring accuracy and reliability.

Upon completing the survey, Dave compiled a detailed report outlining the practice’s value, along with his reasoning and supporting evidence.

Mr Patel was highly satisfied with the service provided by Dave and Kelly, expressing his gratitude by stating:

“We are extremely happy with our Market Valuation report. GP Surveyors are always very helpful with their valuation and rent review services. Excellent services provided by the GP Surveyors team.”

Whether you need a market valuation for asset management purposes, accountancy or partnership change, it is essential to obtain a current valuation before proceeding with a market valuation of a primary care property. Engaging a specialist primary care surveyor is crucial, as the valuation criteria for a GP practice differ from those of general commercial properties.

If you would like GP Surveyors to carry out a market valuation for your GP practice, or you have any further questions please contact our friendly team today.

Dr Mills, a retired owner of Forty Willows Surgery in Middlesex required a Market Valuation for her GP practice as she wished to sell her share to the practising partners.

Having found GP Surveyors online Dr Mills got in touch. Dr Mills spoke with one of GP Surveyors’ Client Management team who comprehensively explained our Market Valuation service. Our terms of service letter was then sent out, so the Doctor could decide whether to proceed in their own time. Having read all the details, Dr Mills was happy with the service and fees and instructed GP Surveyors.

One of the firm’s highly experienced primary care surveys then inspected the property. The surveyor undertook a ‘Red Book’ Royal Institution of Chartered Surveyors (RICS) Valuation. This is an extensive survey of the practice, including detailed measurements, drawing up of a floor plan and photo documenting the entire interior and exterior of the property. This inspection method is globally recognised and adheres to RICS standards, ensuring accuracy and reliability.

Once the survey was complete, the surveyor sent Dr Mills a detailed report outlining the practice’s value and their reasoning and evidence to support this valuation. With the Market Valuation complete Dr Mills proceeded to sell her share of the practice to the other partners.

Dr Mills stated:

“I am extremely happy with the service I received from GP Surveyors. The level of professionalism was exemplary throughout and I was satisfied with the outcome of the valuation.”

Before proceeding with the disposal or acquisition of any GP practice premises, it is essential to obtain a current Market Valuation. GP Surveyors recommend that a Market Valuation is valid for three months.

Engaging a specialist primary care surveyor for this task is critical, as the valuation criteria for a GP practice differ from those for general commercial properties. To ensure accuracy, the surveyor needs access to comparative data on rental incomes of similar GP practices in the area. Experienced healthcare surveyors will have extensive recent comparative data, which is vital for producing an accurate Market Valuation.

If you require a market valuation for your GP surgery, please contact our friendly team today.

Market valuation turned around at the double.

Dr Thomas and Dr Bilas required an up-to-date Market Valuation for the pending sale of their practice premises, Griffiths Drive Surgery in Wolverhampton, as both Doctors planned to release their equity from the property and become Landlords. Dr Thomas planned to retire and Dr Bilas to continue to practice with another partner with a lease in place to regulate the occupation of the premises.

Dr Roman Bilas & Dr Andrew Thomas:

“We have used GP Surveyors since 2010 when the premises were on the Cost Rent Scheme. GP Surveyors valuations have helped the practice obtain realistic increases in Cost Rent, proving to be very cost-effective and therefore where our first port of call for our Market Valuation.”

The partners contacted GP Surveyors to obtain the current Market Valuation of the property before proceeding with the sale, as the practices last valuation was two years previously. This course of action is one GP Surveyors would always advocate. We advise all our primary care clients that a Market Valuation is valid for up to 3 months as the market is subject to change.

Griffiths Drive Surgery’s valuation was a matter of urgency as there were already various interest parties looking to purchase the premises. The Doctors spoke with their Client Manager, Paul Hardman who upon receiving instruction organised for one of our highly experienced valuation surveyors Tom Simpson to visit the property.

Tom Simpson, Valuation Surveyor:

“I carried out a full survey of the practice undertaking what is known as a ‘Red Book’ Royal Institute of Chartered Surveyors (RICS) valuation. Drawing upon GP Surveyors’ vast database of comparable GP property evidence and my experience, I produce a report for the practice, detailing the value of the property and my reasoning.”

As the Doctors were in urgent need of the valuation, Clare worked diligently to ensure their report was turned around in a very short time frame and all parties were able to proceed as planned.

Dr Roman Bilas & Dr Andrew Thomas were incredibly pleased with the service and turn-around of their valuation:

“We are very pleased with the Market Valuation GP Surveyors carried out. It was a matter of some urgency in view of the pending sale of the premises on my (Dr Thomas’) retirement. GP Surveyors understood our requirements and their Surveyor was polite and courteous. We had a very prompt visit and valuation report the same evening. They are a credit to their profession.”

GP practice market valuations

Obtaining an up-to-date Market Valuation is always prudent before any acquisition or disposal of a primary care premises. Instructing specialist primary care surveyors to undertake a Market Valuation is essential, as the basis of valuing a GP surgery differs from the valuation of other commercial premises. A healthcare surveyor would usually value the practice’s property based on the rental income e.g., Notional Rent. Comparable evidence of similar GP practice rental income in the given area is also paramount to a surveyor producing an accurate Market Valuation. Experienced healthcare surveyors should also have access to a substantial amount of up-to-date comparable evidence, which enables them to produce a reliable Market Valuation.

If you would like GP Surveyors to carry out a market valuation for your practice, or you have any further questions please contact our team today.