The Royal Institution of Chartered Surveyors (RICS) has launched a consultation on the valuation of licensed premises, including public houses, bars, restaurants, and nightclubs.
The consultation, which was initially delayed by the impact of the pandemic on leisure premises, will be used to inform the upcoming second edition of RICS’ professional standard ‘The Valuation of Licensed Leisure Property including Public Houses, Bars, Nightclubs and Restaurants’.
Some of the draft changes of the new edition include: expansion of the standard to cover the whole of the UK; full integration of broader RICS standards, such as the valuation of individual trade related properties section of the RICS Global Red Book; and an updated separate chapter covering the valuation of tied pubs.
Charles Golding, RICS senior specialist, valuation and investment advisory, said: “RICS is pleased to launch the consultation for the second edition of our professional standard for valuing licensed leisure properties in the UK. This is a public consultation, and we welcome relevant feedback from across the industry – including valuers, tenants, owners, pub companies and representative bodies. Licensed leisure is a market that evolves with consumer tastes and attitudes, which in turn impacts the way it is operated and invested in.
“The updated standard will help RICS professionals provide high quality valuation advice reflective of the contemporary licensed leisure market. The updated standard allows consideration of operational, regulatory and practice changes since the previous 2010 version. RICS, as always, works hand-in-hand with stakeholders to which it’s professional standards relate. We look forward to constructive, informed dialogue which will serve to enhance the standard before publication.”
