Consultation aims to update valuation standards for public houses, bars, restaurants, nightclubs, and other licensed premises
The Royal Institution of Chartered Surveyors (RICS) has initiated a consultation process, focusing on the valuation of licensed premises including public houses, bars, restaurants, and nightclubs.
The move aims to update professional standards and ensure clear, accurate property valuations for both industry professionals and laypeople.
Efforts to refine valuation processes, RICS said, reflect the complexities of assessing properties that house active businesses. The consultation seeks to gather a wide range of input in anticipation of the second edition of RICS’s professional standard. The need for the consultation, originally postponed due to the pandemic’s toll on leisure venues, underscores the challenges faced by the sector.
The draft changes proposed in the new edition aim to enhance the standard’s scope and utility across the UK. These include the full integration of broader RICS standards, an updated chapter on the valuation of tied pubs, and a design overhaul to better accommodate diverse market activities and valuation needs. Additionally, the revision seeks to make the standard more accessible to those outside the valuation profession.
Last week, RICS introduced a new residential retrofit standard, following an eight-week consultation period.
“RICS is pleased to launch the consultation for the second edition of our professional standard for valuing licensed leisure properties in the UK,” said Charles Golding (pictured), RICS senior specialist for valuation and investment advisory. “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.”
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