The Royal Institution of Chartered Surveyors 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 Covid-19 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.
Some of the draft changes of the new edition include the 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, and information for non-valuation professionals
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, the RICS said it was “crucial” it gained as much input for the consultation as possible.
Charles Golding, RICS senior specialist, valuation and investment advisory, said: “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.”
The consultation can be accessed here.
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