RICS Red Book

Helping an NHS Trust to identify the most profitable redevelopment options for a Worcestershire-based hospital site, ensuring the right mix of property was selected for the final scheme, and that surplus land was maximised in the process.

The brief

We were asked by the NHS to provide commercial input and RICS Red Book advice on a number of options being considered for the redevelopment of a hospital site operated by a Worcestershire-based NHS Trust.

Our approach

Any written property valuations must comply with the RICS Red Book. Valuations can range from single residential plots to substantial development sites, office blocks, shops and industrial premises.

We worked closely with the client’s architect to maximise the financial potential of each development option. Combining their extensive knowledge and experience of the West Midlands property market with sensitivity analysis techniques, our valuation team helped to identify the most profitable financial outcomes from the schemes being proposed.

We presented the client with full Red Book valuations for a variety of options, ranging from relocation and redevelopment of the whole site for housing, to construction of a new hospital on site and redevelopment of the surplus land.

Services we provided

  • Red Book valuation
  • market advice
  • property research

The results

Profitable redevelopment options maximise the value of surplus land

Detailed analysis and scenario testing enabled us to inform our client of the most effective and profitable scheme from the options they were considering: housing, houses and flats, and houses plus a care home.

  • Working closely with commercial planners and designers enabled the evaluation of various schemes

  • Assessing house types within the scheme added value for the client

  • Working in partnership with the client to deliver suitably costed development valuations

  • Assessments included houses and flats, houses and retirement flats, and houses and care homes