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RICS announces consultation on new standards for valuing pubs and leisure venues

RICS Announces Consultation on New Standards for Valuing Pubs and Leisure Venues

RICS announces consultation on new standards for valuing pubs and leisure venues

March 25, 2024 - The Royal Institution of Chartered Surveyors (RICS) has initiated a public consultation aimed at updating the professional standards for valuing licensed leisure properties, including pubs, bars, restaurants, and nightclubs, across the United Kingdom. This move comes as a response to the evolving market demands and the complexities involved in valuing properties that house active businesses within the leisure sector.

Scheduled for release is the second edition of the professional standard, titled "The Valuation of Licensed Leisure Property including Public Houses, Bars, Nightclubs, and Restaurants." This edition seeks to incorporate feedback from a wide range of stakeholders, including valuation professionals, tenants, operators, trade bodies, and pub companies, who have been instrumental in informing the draft changes.

The forthcoming standards revision aims to expand the coverage to include the entire UK and fully integrate broader RICS standards, such as those outlined in the valuation of individual trade-related properties section of the RICS Global Red Book. Additionally, it includes an updated chapter specifically focused on the valuation of tied pubs and introduces a new design to accommodate various market activities and valuation purposes.

Charles Golding, RICS Senior Specialist in Valuation and Investment Advisory, emphasised the importance of this consultation: "Licensed leisure is a dynamic market that adapts to consumer tastes and attitudes, influencing operational and investment decisions. Our goal is to ensure that RICS professionals are equipped with the most current and high-quality valuation advice to reflect these market changes." Golding highlighted the significance of public engagement in the consultation process to gather diverse and relevant insights that will refine the standard before its publication.

The consultation period offers a unique opportunity for stakeholders within the licensed leisure sector to contribute their perspectives and experiences to shape the standards that govern property valuations in this vibrant and challenging industry. With the last update in 2010, the new edition acknowledges operational, regulatory, and practice changes, aiming to elevate the quality and accuracy of valuations in the licensed leisure market.

Stakeholders and interested parties are encouraged to visit the RICS website to participate in the consultation for the "Valuation of Licensed Leisure Property 2nd Edition," contributing to the development of a standard that truly reflects the current landscape of the licensed leisure market in the UK.


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