Long term client benefits from another successful Notional Rent review.
GP Surveyors have been working with Whetstone Medical Centre for over 10 years, checking and challenging their Notional Rent figure and achieving significant increases for the surgery on two occasions. When Anita Jones, Whetstones Practice Manager, received the surgeries latest Notional Rent figure her first call was to GP Surveyors.
After discussing the matter with her Client Manager, Carolyne Fairey, Anita instructed GP Surveyors to check the District Valuers (DV) proposed 2018 Notional Rent figure.
Once we were instructed to carry out the surgeries Notional Rent review, the case was allocated to one of our experienced Valuation Surveyors, Nathan Young. As we had previously inspected the surgery and no major property improvement works had taken place in the meantime, a full inspection of the practice was not required.
To ascertain if the surgery had a case to challenge the DVs Notional Rent assessment, Nathan began checking the surgeries proposed figure against our vast database of comparable evidence.
When comparing Whetstone Medical Centre with like for like premises in the locality, Nathan found there to be sufficient evidence to put forward a strong case to challenge the surgery’s initial Notional Rent figure.
Nathan’s case was based on the following factors:
- Whetstone Medical Centre is a thriving practice, situated in Birkenhead and based in a purposed built 1970’s surgery, therefore, it should be placed in line with similar properties in the locality
- Larger first-floor area is eligible for reimbursement
- Low unit price per square meter
- Low price per parking space
Having sent his case to the DV, Nathan began negotiations to increase the surgeries Notional Rent reimbursements. Drawing upon our vast database of local comparable evidence Nathan was able to successfully negotiate the surgery an increase of 4.16% above the DVs proposed notional rent figure. This increase resulted in a great boost to the surgery’s annual income and a significant increase over the 3-year review period.
The increased Notional Rent was backdated to the review date stated on the surgeries CMR6 form and the funds paid to the surgery in a lump sum.
Anita and the practice were delighted with the outcome of GP Surveyors Notional Rent challenge.
Anita Jones, Practice Manager, said:
“Excellent service, kept me fully informed at every stage, efficient and friendly service with a successful outcome. I would certainly recommend GP Surveyors.”
Furthermore, the increase in the surgeries Notional Rent is highly likely to have increased the investment value of the property.