ABSTRACT
This chapter deals with the valuation of the broad range of public houses. The character of public houses has evolved over the centuries from two distinct roots rudimentary drinking houses supplying ale or cider to a regular, local trade; and taverns, grander premises, offering food, drink and accommodation to travellers. In England and Wales, prior to 21 April 2005, planning law grouped public house and restaurant use together under class A3 Town and Country Planning. The provisions of the Licensing Act 2003 took effect fully from 24 November 2005, the second appointed day, and apply only in England and Wales. The emergence of real estate investment trusts (REITs) into United Kingdom market provided a liquid, transparent and properly managed investment vehicle for all. Trade is an influential factor in valuing licensed premises. It does not form the basis of a separate goodwill valuation as in shops and other businesses but is integral to the valuation of the property.
