RICS begins consultation on valuation of licensed venues

The Royal Institution of Chartered Surveyors (RICS) have launched a consultation on the valuation of licensed venues, which includes pubs, bars, restaurants, and nightclubs.

The consultation was initially delayed by Covid and is in preparation for the release of RICS’ professional standard, The Valuation of Licensed Leisure Property, including public houses, bars, nightclubs, and restaurants.

Some of the draft changes include:

• Expansion of the standard to cover the whole of the UK;
• An updated chapter on the valuation of tied pubs; and
• Full integration of the broader RICS standards.

Charles Golding, RICS senior specialist comments 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 and allows consideration of operational, regulatory and practice changes since the previous 2010 version.”