| |
Notes to the Financial Statements
|
| 11 Investment, development and trading properties |
| |
|
|
|
|
| |
Freehold
£m |
Long Leasehold
£m |
Short Leasehold
£m |
Total
£m |
|
| Investment and development properties |
|
|
|
|
| Valuation and cost 1 April 2002 |
7,239.5 |
288.8 |
|
7,528.3 |
| Additions |
568.7 |
38.0 |
|
606.7 |
| Disposals |
(70.6) |
|
|
(70.6) |
| Reallocation |
14.2 |
(14.2) |
|
|
| Exchange fluctuations |
8.2 |
|
|
8.2 |
| Revaluations |
(22.6) |
35.2 |
|
12.6 |
|
| Valuation and cost 31 March 2003 |
7,737.4 |
347.8 |
|
8,085.2 |
|
| Trading properties |
|
|
|
|
| At lower of cost and net realisable value |
|
|
|
|
| 31 March 2003 |
36.8 |
8.4 |
1.0 |
46.2 |
|
| External valuation surplus on development and trading properties |
|
|
|
87.9 |
|
| Total investment, development and trading properties |
|
|
8,219.3 |
|
Investment, development and trading properties were valued by external valuers
on the basis of open market value in accordance with the Appraisal and Valuation
Manual published by The Royal Institution of Chartered Surveyors:
| |
|
£m |
|
| United Kingdom: |
ATIS REAL Weatheralls |
8,005.4 |
| |
FPD Savills |
154.5 |
| Republic of Ireland: |
Jones Lang LaSalle |
74.6 |
| Netherlands: |
CB Richard Ellis B.V. |
1.1 |
| |
|
|
| |
|
8,235.6 |
| Adjustment for UITF 28 – lease incentive debtors |
(16.3) |
|
| Total investment, development and trading properties |
8,219.3 |
|
| |
£m |
|
| Total external valuation surplus on development and trading properties |
|
| British Land Group |
87.9 |
| Share of joint ventures |
1.4 |
|
| |
89.3 |
|
Properties valued at £5,788.2m (2002: £5,738.2m) were charged
to secure Group borrowings. Of the total secured debt of £662.4m (note
19) only £476.8m has recourse to the Group. Cumulative interest
capitalised in investment and trading properties amounts to £22.9m
and £nil (2002: £14.8m and £nil) respectively. Included
in the leasehold properties is an amount of £13.7m in respect of property
occupied by the Group. The historical cost of properties was £6,153.4m
(2002: £5,591.4m).
|
|
2003 |
2002 |
|
|
£m |
£m |
|
| Total property valuations including share of joint
ventures |
|
|
|
| British Land Group: |
|
|
|
|
 Investment
and development properties
|
|
8,085.2 |
7,528.3 |
|
Trading properties
|
|
46.2 |
47.0 |
|
External valuation
surplus on development and trading properties
|
|
87.9 |
108.6 |
|
Adjustment
for UITF 28 – lease incentive debtors
|
|
16.3 |
7.7 |
| |
|
| |
|
8,235.6 |
7,691.6 |
| |
|
| Share of joint ventures: |
|
|
|
|
Properties
|
|
1,404.8 |
1,601.3 |
|
External valuation
surplus on development and trading properties
|
|
1.4 |
5.5 |
|
Adjustment
for UITF 28 – lease incentive debtors
|
|
3.8 |
1.9 |
| |
|
| |
|
1,410.0 |
1,608.7 |
|
| Total property portfolio valuation |
|
9,645.6 |
9,300.3 |
|
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