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Will restrictive covenant affect my premises valuation?

Our current surgery is a converted house owned by the partners. Over the next few years we are hoping to build new premises. This will mean selling our existing building, which has a restrictive covenant dating from 1924 to an estate company. This states that we cannot erect any new building unless approved by their architect who may charge a fee of 1% of the building costs. It also says that it can only be used as a private residence although it has been a GP surgery for over thirty years. The estate company is still in business. How will this affect the valuation?

A GP in Torquay, Devon

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