The Royal Institution of Chartered Surveyors (RICS) has launched a consultation on the valuation of licensed premises, including public houses, bars, restaurants, and nightclubs.
Property valuation, particularly for properties hosting active businesses, can be complex. RICS is committed to producing accurate professional standards that aid clarity for professionals and non-professionals alike.
This consultation, initially delayed by the impact of the pandemic on leisure premises, is in preparation for the release of the upcoming second edition of RICS' professional standard, The Valuation of Licensed Leisure Property including Public Houses, Bars, Nightclubs and Restaurants.
While expert valuation professionals, and forums consisting of tenants, operators, trade bodies pub companies and other stakeholders, working throughout the UK, informed the draft changes it is crucial that RICS gains as much input for this consultation as possible.
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
- An updated separate chapter covering the valuation of tied pubs
- A new concise design adaptable for a range of market activity and valuation purposes
- Information for non-valuation professionals
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.”
