Dundee medical centre requires market valuation for partnership change
The partners at Hawkhill Medical Centre in Dundee found themselves in need of a Market Valuation for their GP practice due to imminent changes in the partnership. Of the seven partners that made up the practice, two were preparing to depart. The responsibility of finding a suitable surveyor for the valuation fell on Jacqueline Cadger, the Practice Manager.
After conducting a thorough search of healthcare surveyors, Jacqueline called GP Surveyors. Laura Dews, one of GP Surveyors’ experienced Client Managers answered. On the call, Laura comprehensively explained the GP Surveyors Market Valuation service to Jacqueline and provided a service letter for the partners to review. Once the partners were acquainted with the service and what GP Surveyors had to offer, they gave the green light.
Laura then arranged for Dave Smith, one of GP Surveyors specialist primary care surveys, to visit the property. Dave conducted an extensive survey on the practice, employing a methodology referred to as the ‘Red Book’ Royal Institution of Chartered Surveyors (RICS) Valuation. This method is recognized globally and adheres to RICS standards, ensuring accuracy and reliability.
Upon completion of the survey, Dave compiled a detailed report outlining the practice’s value and his reasoning and evidence to support this valuation.
The partners at Hawkhill Medical Centre were thoroughly satisfied with the service provided by GP Surveyors. The detailed report and professionalism exhibited by the team were commendable. Jacqueline expressed her gratitude, stating:
“ The surveyor was very professional in his approach to my questions, and we received our survey report back in the timescale advised. I am new to the position of Practice Manager even though I have worked at the Practice for a vast number of years. This was a new learning curve for me, and GP surveyors made it a very easy one. Thank you for your help.”
Before proceeding with the acquisition or disposal of any primary care premises, it is imperative to secure a current Market Valuation. It’s crucial to commission specialist primary care surveyors for this task since the valuation criteria for a GP surgery differ from that 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’s vital for the surveyor to have access to comparative data on rental incomes of similar GP practices in the vicinity. Seasoned healthcare surveyors will possess an extensive collection of recent comparative data, which is instrumental in generating a dependable Market Valuation.
We hope that our Dundee GP market valuation case study proves to be a useful resource, you can read more case studies on our specialist market valuation service here.
Should you require a market valuation for your GP surgery or have additional inquiries, please do not hesitate to contact the GP Surveyors team.