Geraldine, the Practice Manager of Hackness Road Surgery in Scarborough, was keen to obtain a second opinion on the District Valuers (DV’s) 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 DV’s initial Notional Rent valuation.
The case for an increase was based upon a number of factors:
- Inaccurate floor areas
Upon inspection, Clare found the surgeries ground floor and first floors areas were larger than stipulated in the DV’s valuation.
- Property type – low unit rate
The surgery is a converted premises, which has been extended, therefore Clare believed the surgery should be placed in line with similar premises on a higher unit rate.
- Low car park rate
A low value had been placed on car parking spaces when compared to surgeries in the surrounding area.
Clare then began negotiations with the DV 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 a 13.9% increase in Notional Rent, above the DV’s initial valuation of the surgery. A result Geraldine was very pleased with.
The great news for the property owning partners was that the notional rent increase is likely to have increased the capital value of their property.
Geraldine, Practice Manager;
“The process was made very east, the team are all extremely helpful. 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.