The Royal Institution of Chartered Surveyors (RICS) has created a professional standard for licensed leisure properties.

The standard, now in its second edition, is titled Valuation of licensed leisure property (including public houses, bars, nightclubs and restaurants) and comes into effect on 1 July 2025. It provides a significant update to the 2010 RICS guidance Capital and rental valuation of public houses, bars, restaurants and nightclubs in England and Wales.

The UK licensed leisure sector has seen substantial changes in recent years. Diversification and a wider consumer offering have made it a more mainstream asset class, attracting substantial internal and overseas investment. There is increasing overlap between public houses, restaurants, bars, nightclubs and the wider hospitality sector.

The second edition reflects market, practice and relevant regulatory changes since the previous guidance note was published in 2010. It expands the coverage of the standard from England and Wales to the entire UK while incorporating other relevant RICS professional standards, such as the RICS Valuation – Global Standards (Red Book Global Standards) and includes a specific section for non-valuers.

The standard was made possible by the professional members on its Expert Group:

Anthony Alder FRICS (AG&G Chartered Surveyors), David Broschomb MRICS (Dabro & Associates), Mark Churchouse MRICS (Newmark), Andrew Crease FRICS (Andrew Crease & Co.), Tony Hunter MRICS (Savills), David Morgan FRICS (Morgan and Clarke), Stephen Owens FRICS (Christie & Co), James Shorthouse FRICS (Colliers), Peter Taylor FRICS (Christie & Co), Sian Tunney MRICS (Savills), Trevor Watson FRICS (Davis Coffer Lyons).

RICS Professional Practice Lead, Charles Golding, said: “The RICS professional standard for the valuation of licensed leisure properties acknowledges and incorporates significant changes to the licensed trade since the previous standard. The standard provides contemporary guidance for RICS professionals and includes a section explaining the valuation process for the non-valuers in this market, as well as expanding to cover the entire UK.

“The standard is the product of several years’ work from a broad group of some of the UK’s leading property valuation professionals with essential insight from and consultation with other market stakeholders including pub tenants, advocacy groups, regulators, industry bodies and pub companies. It is essential reading for RICS members and regulated firms providing valuations for licensed properties and sets the bar for future valuations.“

A copy of the standard may be found at this link.

-ENDS-

About RICS

We are RICS. Everything we do is designed to effect positive change in the built and natural environments. Through our respected global standards, leading professional progression and our trusted data and insight, we promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.

Our work with others provides a foundation for confident markets, pioneers better places to live and work and is a force for positive social impact.

For more information:

Kris Hicks
Khicks@rics.org

press@rics.org

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