The Royal Institution of Chartered Surveyors (RICS) has launched a new consultation on the valuation of licensed premises, including public houses, bars, restaurants, and nightclubs.
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.
“Property valuation, particularly for properties hosting active businesses, can be complex,” said RICS, which re-stated its commitment to producing accurate professional standards that aid clarity for professionals and non-professionals alike.
While the draft changes to the professional standard were informed by expert valuation professionals, and forums consisting of tenants, operators, trade bodies, pub companies and other stakeholders, RICS said it was crucial that the industry submitted as much input for this consultation as possible.
RICS Senior Specialist, Charles Golding, 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,” said Golding.
“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.”
Some of the draft changes of the new edition include:
- Expansion of the standard to cover the whole of the UK;
- An updated separate chapter covering the valuation of tied pubs
- Full integration of broader RICS standards, such as the valuation of individual trade related properties section of the RICS Global Red Book;
- A new concise design adaptable for a range of market activity and valuation purposes
- Information for non-valuation professionals.
“RICS, as always, works hand-in-hand with stakeholders to which it’s professional standards relate,” said Golding. “We look forward to constructive, informed dialogue which will serve to enhance the standard before publication.”
You can read and reply to the consultation here
