Queens Square Surgery, Norfolk

Norfolk Notional Rent Review

A small change makes a big difference – when it comes to notional rent

Lucy spoke to her Client Manager, Paul Harman, for a refresher on just how our Notional Rent review service works. After their chat, Lucy was happy to instruct us, to check Queens Square Surgeries’ Notional Rent figure.

As this was our first Notional Rent review case for the branch surgery, a full inspection of the premises was required. One of our specialist valuation Surveyors was allocated the case. Having completed their inspection, compiled the finding and compared the District Valuers’ initial Notional Rent valuation, with our vast database of evidence. They concluded, there was strong evidence for the surgery to challenge the initial valuation.

The challenge was based on the following factors:

  • Inaccurate floor areas
    As a result of inspecting the property, the surveyor found the first floor had a larger area that was eligible for Notional Rent than that stipulated in the DV’s valuation.
  • Property type – low unit rate
    Queens Square is a purpose-built surgery therefore our surveyor proposed its unit rate be placed in line with comparable premises in the locality.
  • Unit rate per parking space
    A low value had been placed on car parking spaces when compared to surgeries in the surrounding area.

Our surveyor then submitted their report to the DV, outlining the above case including our local comparable evidence. The unit rate of Queens Road Surgery was included in his evidence, as the surgery was an ideal comparable, as it is also a purpose-built surgery and in the same locality. Having received the report and following discussions, the DV realised they’d made a mistake in the initial unit rate valuation and agreed to increase this. The conclusion to the case was, that GP Surveyors were able to successfully negotiate an overall increase of 8.4% above the DV’s initial Notional Rent valuation.

Clare Kersey (Associate Director) explains:

“By visiting the surgery and carrying out a full inspection, our surveyor detected the DV’s small discrepancy in eligible floor areas. Thanks to our vast database of comparable evidence, they were able to support a case for a relatively small increase in the surgeries unit rate and a fairly, significant increase in their car park rate. This case was a very good example of how just a few small details resulted in a significant increase to the practices total notional rent figure.”

This 8.4% increase in Notional Rent, resulted in a boost to the surgery’s annual income and in turn, increased the surgery’s capital value. A result Lucy and the practice partners were very, very pleased with.

 


Review your GP practices Notional Rent

We hope you have found our Norfolk GP practices Notional Rent case useful, see practices case studies from your area here.

If you would like GP Surveyors to carry out a Notional Rent review for your practice, or you have any further questions please contact our team today.