Geraldine, the Practice Manager of Hackness Road Surgery in Scarborough, was keen to obtain a second opinion on the District Valuers (DVs) initial Notional Rent valuation and so sought GP Surveyors specialist advice.
Having spoken to Paul Hardman, one of our highly experienced Client Managers Geraldine instructed us to check the surgeries Notional Rent figure.
As we hadn’t previously inspected the surgery, we dispatched one of our Senior Surveyors & RICS Registered Valuers, Claire Kersey, to visit the practice. Clare met with Geraldine at the surgery and carried out a full inspection of the premises. Having collated all the evidence and compared this to like for like surgeries in the area, Clare concluded that there was a case to challenge the DVs initial Notional Rent valuation.
The case for an increase was based upon a number of factors, including;
- Property type – Low unit rate
The surgery is a converted surgery which has been extended and therefore should be placed more in line with other similar surgeries
- Inaccurate floor areas
Larger floor areas at ground and first floor than set out in the initial valuation
- Low value placed on car parking spaces
Clare began negotiations with the District Valuer to bring the surgeries Notional Rent value in line with comparable surgeries in the locality. Drawing upon our vast database of local comparable evidence, Clare was able to successfully negotiate an increase in Notional Rent, of 13.94% above the DV’s initial Notional Rent valuation.
In addition to the Notional Rent increase, the great news for the surgery is, that this increase is likely to have increased the capital value of your property.
Geraldine, Practice Manager;
“Great service, friendly and helpful staff, achieved a successful challenge gaining an additional increase. Would definitely recommend.”
We hope you have found our Hackness Road Surgery case study useful, to see our full range of Notional Rent case studies click here.