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.