THE Royal Institution of Chartered Surveyors (RICS) has launched a consultation on the valuation of licensed premises, including pubs, bars, restaurants, and nightclubs.
The organisation said property valuation, particularly for properties hosting active businesses, can be ‘complex’.
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’Â 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, RICS said it is crucial to gain as much input for this consultation as possible.
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.”
