Aitchison Raffety’s Healthcare Team were instructed by their client to negotiate the Notional Rent at The Lodge Surgery – GP Practice, which is conducted by NHS England and the ICB every 3 years.
The property is a converted property within St Alban’s that was originally the gate porter’s lodge for St Alban’s hospital.
The Healthcare Team reviewed local evidence from other GP Practices within the St Albans area, which was retrieved from our internal database. By reviewing this evidence in line with our instruction, it allowed us to determine whether an uplift in rent was available for our client at the valuation date.
After informing our client that an uplift was indeed available at the valuation date, we worked with the GP Practice to get the District Valuer instructed to negotiate on behalf of NHS England.
Following our negotiations, Aitchison Raffety were able to secure a significant uplift in annual rent for the Practice.
This was done so by detailing local rental evidence in comparison with the space the Practice occupy and the car parking spaces at the surgery.
The outcome of this instruction was a higher rental income for the practice annually and an increase in the overall value of the property.
If you would like support or advice with your GP Surgery or Healthcare Centre then please do not hesitate to contact our team today at healthcare@argroup.co.uk or call us on 01727 844555.
This case-study was written by Nathan Young, Surveyor – Healthcare Team at Aitchison Raffety.