Pharmacies are paying 68% less rent than they should to rent space in general practice, new figures have revealed.
Pharmacies renting space from practices were paying an average of 36% too little in 2012, according to statistics released by GP Surveyors.
According to GP Surveyors, renting space from a surgery often attracts a much higher premium than a retail unit.
The organisation, which works with practices to ensure they are making the most of their premises, said close inspection can often reveal that rents should be far higher than expected.
James Williams, associate director at GP Surveyors, said: “This data demonstrates the huge disparity we have experienced between the rent that many pharmacies were paying and the market rent that was ultimately agreed as part of a Rent Review or Lease Renewal.
“If a surgery has agreed a 25 year lease with a pharmacy, a rental increase of £33,908 per year amounts to £847,700 over the full term which is a huge uplift! Now that the financial strain on GP surgeries nationwide is so significant, this evident shortfall is especially important.
“A £12,000 increase in income per year could make all the difference, especially when recent news suggests that many GP surgeries are at risk of not complying with the premises standards of the CQC. These funds would allow a practice to make the required premises alterations.”