GP Surveyors first worked for the Leadgate Surgery this year and we’re pleased to say their Notional Rent Review had a fantastic outcome.
As this was our first Notional Rent review case for the practice, a full inspection of the surgery premises was required. One of our highly experienced Surveyors, Tom Simpson took the case. Having completed his inspection, compiled his finding and compared the initial Notional Rent valuation with our vast database of evidence, Tom concluded, there was enough evidence for the surgery to challenge the initial valuation.
An interesting finding of Toms inspection was that a large area of storage space within the surgery had not been included in the District Valuers (DVs) figures. When comparing storage areas of similar quality and functionality, that have been assessed as eligible for Notional Rent reimbursement, Tom concluded there was a strong case for these areas to be included.
Tom’s case for an increase was based upon a number of factors, including;
- A low unit rate
The surgery is a 1995 purpose built medical centre and Tom believed this should be placed in line with other purpose-built surgeries in the area.
- A low value placed on car parking spaces
The car parking rate had been set low compared to the evidence in the surrounding area.
- Storage areas
Storage areas missing from DVs figures.
Tom then presented the above case, alongside his comparable evidence to the District Valuer and began negotiations to increase the surgeries Notional Rent reimbursements.
Much to the delight of the surgery, Tom was able to successfully negotiate an increase of 7.62% above the initial Notional Rent valuation. In addition, this increase in the surgeries Notional Rent is likely to have increased the investment value of the property.
Here’s what Michael Foster, Practice Manager, had to say about our Notional Rent service;
“Excellent and efficient service. Successful outcome to notional rent review. Highly recommended GP Surveyors.”
We hope you have found our Leadgate Surgery case study useful, to see our full range of Notional Rent case studies click here.