We first worked for the Leadgate Surgery this year and we’re pleased to say their Notional Rent Review had a fantastic outcome.
Having been instructed by the surgery to check their Notional Rent figure one of our highly experienced surveyors, Tom Simpson compared the initial Notional Rent valuation with our vast database of evidence. Tom concluded that there was enough evidence for the surgery to challenge the initial valuation, so visited the surgery and carried out a full inspection of the premises.
An interesting finding of Tom’s inspection was the quality of storage areas in the surgery and the unit rate these had been designated. When comparing storage areas of a similar quality and functionality Tom concluded there was a strong case for a higher rate to be attributed.
Tom’s case for an increase was based upon a number of factors, including;
- Property type – Low unit rate
The surgery is a 1995 purpose built medical centre and we believed this should be placed more in line with other purpose-built surgeries in the area.
- Storage areas unit rate
The storage spaces were of better quality and functionality than the rate allocated.
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.