- Investment, development and trading properties
- Group property portfolio valuation
- Total external valuation surplus on development and trading properties
- Property portfolio valuation
Investment, development and trading properties
| |
Freehold £m |
Long leasehold £m |
Short leasehold £m |
Total £m |
|---|---|---|---|---|
| Total Group property portfolio valuation | 9,844.4 | |||
| Investment and development properties | ||||
| Valuation and cost 1 April 2004 | 8,857.0 | 386.5 | 7.7 | 9,251.2 |
| Additions | 87.5 | 44.7 | 132.2 | |
| Disposals | (16.3) | (16.3) | ||
| Reallocation | (21.9) | 22.0 | (0.1) | |
| Exchange fluctuations | 1.1 | 1.1 | ||
| Revaluations | 314.2 | 10.2 | 1.1 | 325.5 |
| Valuation and cost 30 September 2004 | 9,221.6 | 463.4 | 8.7 | 9,693.7 |
| Trading properties | ||||
| At lower of cost and net realisable value 30 September 2004 | 27.1 | 8.4 | 0.5 | 36.0 |
| External valuation surplus on development and trading properties | 80.2 | |||
| Adjustment for UITF 28-lease incentive debtors | 34.5 |
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 | ||
|---|---|---|
| Total Group property portfolio valuation | 9,844.4 | |
| United Kingdom: | ATIS REAL Weatheralls | 9,547.1 |
| FPD Savills | 246.5 | |
| Republic of Ireland: | Jones Lang LaSalle | 49.8 |
| Netherlands: | CB Richard Ellis B.V. | 1.0 |
| £m | |
|---|---|
| 82.9 | |
| Total external valuation surplus on development and trading properties | |
| British Land Group | 80.2 |
| Share of joint ventures | 2.7 |
Properties valued at £6,513.3 million (31 March 2004: £6,672.8 million; 30 September 2003: £5,772.8 million) were subject to a security interest and other properties of non-recourse companies amounted to £40.4 million (31 March 2004: £84.3 million; 30 September 2003: £nil).
| 31 March 2004 £m |
|
2004 £m |
2003 £m |
|---|---|---|---|
| 10,639.4 | Total property portfolio valuation | 11,065.9 | 9,649.1 |
| Total property valuations including share of joint ventures | |||
| British Land Group: | |||
| 9,251.2 | Investment and development properties | 9,693.7 | 8,140.7 |
| 41.6 | Trading properties | 36.0 | 43.7 |
| 92.7 | External valuation surplus on development and trading properties | 80.2 | 63.7 |
| 27.6 | Adjustment for UITF 28-lease incentive debtors | 34.5 | 30.6 |
| 9,413.1 | 9,844.4 | 8,278.7 | |
| Share of joint ventures: | |||
| 1,221.8 | Properties | 1,216.6 | 1,364.9 |
| 2.3 | External valuation surplus on development and trading properties | 2.7 | 2.0 |
| 2.2 | Adjustment for UITF 28-lease incentive debtors | 2.2 | 3.5 |
| 1,226.3 | 1,221.5 | 1,370.4 |
