After receiving their initial valuation from NHS England, the Priory Medical Centre in Liverpool instructed GP Surveyors to check their latest Notional Rent reimbursement, and they were pleased they did!
Dr. Steve Connolly, GP Partner, The Priory Medical Centre
“Having used GP Surveyors previously we had no hesitation in requesting their help again for this review. Their specialist knowledge and attention to detail give us great confidence in their service.”
The case was allocated to Chris Kozlowski, one of our highly experienced senior surveyors. Since GP Surveyors undertook the surgeries previous Notional Rent review, a full inspection of the premise had already been undertaken, establishing accurate measurements and areas. On this occasion, as no major works had taken place since the last review a further inspection was not necessary.
Chris began his review, comparing the breakdown of the surgeries figures with like for like surgeries in the area and concluded that there was sufficient evidence to move forward with a challenge to the District Valuers (DVs) initial opinion of the surgeries Notional Rent.
The case was based upon the following factors;
• Inaccurate floor areas
• Low unit rate
Chris then began negotiations with the DV and drawing upon our vast database of local comparable evidence, Chris was able to successfully negotiate an increase of 24% above the DV’s initial Notional Rent valuation.
Chris explains; “With regards to the increase in unit rate, we had strong comparable evidence on similar purpose-built surgeries in the area. The DV had also excluded certain areas that were eligible for inclusion. After discussions, the DV agreed to adopt my areas and rates.”
The Notional Rent increase we secured the practice benefited the surgery by thousands of pounds in extra income, a result they were very pleased with. In addition, the uplift in their Notional Rent is likely to have increased the capital value of the surgery, significantly benefiting the property-owning partners.
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