Griffiths Drive Surgery, Market Valuation

West Midlands GP Market Valuation

Market valuation turned around at the double.

Dr Thomas and Dr Bilas required an up-to-date Market Valuation for the pending sale of their practice premises, Griffiths Drive Surgery in Wolverhampton, as both Doctors planned to release their equity from the property and become Landlords. Dr Thomas planned to retire and Dr Bilas to continue to practice with another partner with a lease in place to regulate the occupation of the premises.

Dr Roman Bilas & Dr Andrew Thomas:

“We have used GP Surveyors since 2010 when the premises were on the Cost Rent Scheme. GP Surveyors valuations have helped the practice obtain realistic increases in Cost Rent and therefore proved very cost-effective.”

The partners contacted GP Surveyors to obtain the current Market Valuation of the property before proceeding with the sale, as the practices last valuation was two years previously. This course of action is one GP Surveyors would always advocate. We advise all our primary care clients that a Market Valuation is valid for up to 3 months as the market is subject to change.

Griffiths Drive Surgery’s valuation was a matter of urgency as there were already various interest parties looking to purchase the premises. The Doctors spoke with their Client Manager, Paul Hardman who upon receiving instruction organised for one of our highly experienced valuation surveyors Tom Simpson to visit the property.

Tom Simpson, Valuation Surveyor:

“I carried out a full survey of the practice undertaking what is known as a ‘Red Book’ Royal Institute of Chartered Surveyors (RICS) valuation. Drawing upon GP Surveyors’ vast database of comparable GP property evidence and my experience, I produce a report for the practice, detailing the value of the property and my reasoning.”

As the Doctors were in urgent need of the valuation, Clare worked diligently to ensure their report was turned around in a very short time frame and all parties were able to proceed as planned.

Dr Roman Bilas & Dr Andrew Thomas were incredibly pleased with the service and turn-around of their valuation:

“We are very pleased with the Market Valuation GP Surveyors carried out. It was a matter of some urgency in view of the pending sale of the premises on my (Dr Thomas’) retirement. GP Surveyors understood our requirements and their Surveyor was polite and courteous. We had a very prompt visit and valuation report the same evening. They are a credit to their profession.”

GP practice market valuations

Obtaining an up-to-date Market Valuation is always prudent before any acquisition or disposal of a primary care premises. Instructing specialist primary care surveyors to undertake a Market Valuation is essential, as the basis of valuing a GP surgery differs from the valuation of other commercial premises. A healthcare surveyor would usually value the practice’s property based on the rental income e.g., Notional Rent. Comparable evidence of similar GP practice rental income in the given area is also paramount to a surveyor producing an accurate Market Valuation. Experienced healthcare surveyors should also have access to a substantial amount of up-to-date comparable evidence, which enables them to produce a reliable Market Valuation.

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