 |
 |
Overview | |
Chairman's Statement | |
Financial Review | |
Property Review | |
Management, Governance & CSR | |
Financial Statements |
Property Review |
|
||||||||||||||||||||||||||||
 Property Review Commercial Property Market Summary Principal Investment Properties Joint Ventures Review Valuation Certificate Instruction to Valuers |
|
Principal Investment Properties The Broadgate Centre, London EC2Meadowhall Shopping Centre, SheffieldSupermarkets portfolioOut of town retail warehouses portfolioRegent’s Place, London NW1Other PropertiesSupermarkets portfolioBritish Land’s investment in supermarkets now represents 14% of the total portfolio.We calculate that we are the largest owner of UK supermarket properties, other than the occupiers themselves. In an increasingly restrictive planning environment and with limited new supply, the retailers continue to require more and larger stores and are prepared to commit to full lease lengths of over 20 years. These investments, acquired over some 15 years, have been enlarged by 42 extensions adding a total of 59,700 sq m (637,000 sq ft), of which 2,600 sq m (28,000 sq ft) has been completed during the year. Superstores of above 2,320 sq m (25,000 sq ft) now comprise 96% by value of this supermarkets portfolio. In addition to these, British Land also owns, directly or 50% in joint ventures, a further 23 supermarkets which are included in other sectors of the portfolio (such as retail warehouse parks), and total a further 135,000 sq m (1,435,000 sq ft). Six rent reviews were concluded during the year, adding some £2 million rent per annum. The most significant was the determination on the Tesco store at Milton Keynes. The store is 12,630 sq m (136,000 sq ft) and of modern design on a retail warehouse park. The independent expert’s award at £21.50 per sq ft is the highest such award achieved to date.  Sainsbury’s, Sheffield  Back to top
Total value £1.67bn British Land’s share £1.5bn 88 supermarkets located across England, Wales and Northern Ireland Total floor area 457,000 sq m (4.9m sq ft) Total site area 166 hectares (410 acres) Total car spaces c.30,000 82 freeholds, 6 long leaseholds 73 stores 100% owned 15 stores owned 50% in joint ventures Total rent passing £93.7m pa, British Land’s share £83.1m pa Average rent £19.05 per sq ft Weighted average lease term to break and expiry 22.7 years Tenants: Sainsbury’s (43 stores) Somerfield (26 stores) Tesco (14 stores) Safeway (3 stores) Waitrose (1 store) Co-op (1 store) Back to top
|
|
 Back to British Land |
Feedback Form |