Ashworth Street Surgery, Market Valuation

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.