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14 Investment, development and trading properties
Freehold £m |
Long leasehold £m |
Short leasehold £m |
Total £m |
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|---|---|---|---|---|---|---|
Investment and development properties |
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Valuation
and cost 1 April 2003 |
7,737.4 |
347.8 |
8,085.2 |
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Additions |
– purchases and capital expenditure |
302.4 |
20.3 |
322.7 |
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– former joint ventures |
721.2 |
100.5 |
6.6 |
828.3 |
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Disposals |
(231.3) |
(148.0) |
(379.3) |
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Reallocation |
(49.5) |
49.5 |
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Exchange fluctuations |
(2.3) |
(2.3) |
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Revaluations |
379.1 |
16.4 |
1.1 |
396.6 |
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Valuation and cost 31 March 2004 |
8,857.0 |
386.5 |
7.7 |
9,251.2 |
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Trading properties |
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At lower of cost and net realisable value |
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31 March 2004 |
32.5 |
8.4 |
0.7 |
41.6 |
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External valuation surplus on development and trading properties |
92.7 |
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Total investment, development and trading properties |
9,385.5 |
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Investment, development and trading properties were valued by external valuers on the basis of Market Value in accordance with the Appraisal and Valuation Manual published by The Royal Institution of Chartered Surveyors:
£m |
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|---|---|---|
United Kingdom: |
– ATIS REAL Weatheralls |
9,153.7 |
– FPD Savills |
217.6 |
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Republic of Ireland: |
Jones Lang LaSalle |
40.8 |
Netherlands: |
CB Richard Ellis B.V. |
1.0 |
9,413.1 |
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Adjustment for UITF 28 |
– lease incentive debtors |
(27.6) |
Total investment, development and trading properties |
9,385.5 |
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£m |
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|---|---|
Total external valuation surplus on development and trading properties |
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British Land Group |
92.7 |
Share of joint ventures |
2.3 |
95.0 |
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Properties valued at £6,672.8m (2003: £5,788.2m) were subject to a security interest. Of the total secured debt of £1,017.2m (2003: £662.4m) (note 15) only £831.5m (2003: £476.8m) has recourse to the Group. Cumulative interest capitalised in investment and trading properties amounts to £36.2m and £nil (2003: £22.9m and £nil) respectively. Included in the leasehold properties is an amount of £13.7m (2003: £13.7m) in respect of property occupied by the Group. The historical cost of properties was £6,995.3m (2003: £6,153.4m).
2004 £m |
2003 £m |
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|---|---|---|---|
Total property valuations including share of joint ventures |
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British Land Group: |
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Investment and development properties |
9,251.2 |
8,085.2 |
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Trading properties |
41.6 |
46.2 |
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External valuation surplus on development and trading properties |
92.7 |
87.9 |
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Adjustment for UITF28 – lease incentive debtors |
27.6 |
16.3 |
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9,413.1 |
8,235.6 |
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Share of joint ventures: |
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Properties |
1,221.8 |
1,404.8 |
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External valuation surplus on development and trading properties |
2.3 |
1.4 |
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Adjustment for UITF28 – lease incentive debtors |
2.2 |
3.8 |
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1,226.3 |
1,410.0 |
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Total property portfolio valuation |
10,639.4 |
9,645.6 |
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