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NHS Property Services Limited

NHS PS - Valuation

Services
Valuation
Gary Howes

Partner, Development and Valuation Consultancy

020 7312 7476
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NHS Property Services

The challenge

On 1 April 2013 approximately 4,000 properties transferred to NHS Property Services from strategic health authorities and primary care trusts. Challenges included:
 
  • Lack of understanding of asset value - NHSPS was a newly formed entity with unreliable and fragmented valuations producing a lack of visibility of value or consistency.
  • Poor underlying transferred property records - data was not kept to a level of quality that ensured accuracy of information which consequentially presented significant challenges to the valuation contract as property and legal information on the assets was not available.
  • Lack of identified income - due to the lack of visibility and understanding of the asset portfolio, including data and values, there was no strategic remit to dispose of unwanted assets, leaving many surplus to requirements or no longer fit for purpose.

Our solution

  • Montagu Evans have worked with NHS Property Services to produce and assist with the evolution and management of four major business areas:
    • Developing a property strategy
    • Ensure the estate is fit-for-purpose
    • Maximise value
    • Generate income
  • Two initiatives are highlighted below:
  1. Maximising value and accelerating disposal of 400+ surplus assets. From carrying out a full portfolio inspection, surplus assets were identified. Via an improved reporting process, with updates every 6 months, a thorough analysis of each property was carried out ensuring maximum receipts were achieved.
  2. Improving the underlying NHS Property Services data set. As NHS Property Services inherited poor information, Montagu Evans has inspected all sites, taken ownership of all data and provided audited valuations each year to verify any data holes still existing.

Results achieved

 
  • Valued over £7.5 billion assets to date.
  • Supported the disposal of over 400 surplus assets worth more than £100 million, enhancing much of the value through planning, development and strategic disposals advice
  • Released land sufficient to build an estimated 1,000+ units of new housing
  • Delivered a step-change in the quality of NHS Property Services’ underlying data – property measurements, floor plans, boundary plans, photos and CAD plans.
 

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Head Office

5 Bolton Street, London, W1J8BA

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302 St. Vincent Street, Glasgow, G2 5RU

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