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Strengthening sculptures

Strengthening sculptures

At an East End workshop, Tony Martin opens up the lead skin of one of the statues and piece by piece inserts a supporting skeleton of steel rods. When the strengthening work is complete, the surface scars will be gently and invisibly smoothed away.

If you ask “Where is his monument?” look around you - Sir Christopher Wren’s epitaph.

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2004 Interim Statement >

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Property Review

Portfolio Highlights

Valuation by use

  Total
£m		 Portfolio
%		 Uplift2
%		 Uplift
pre-stamp3
Retail
Shopping centres 2,431.0 19.4 4.8 7.7
Superstores 1,548.8 12.4 4.2 5.4
Retail warehouses 1,678.0 13.4 13.7 16.1
High street 1,196.7 9.6 9.1 10.8
Development 24.4 0.2 2.2 6.6
All retail 6,878.9 55.0 7.4 9.6
 
Offices
City 3,671.1 29.4 6.3 6.3
West End 652.1 5.2 4.5 7.8
Business parks and provincial 248.8 2.0 3.1 3.3
Development 277.3 2.2 0.9 1.4
All offices 4,849.3 38.8 5.6 6.1
 
Industrial and distribution 205.5 1.6 6.4 7.7
Residential 292.1 2.3 (0.2) (0.2)
Leisure 262.8 2.1 10.2 10.8
Other development 18.3 0.2 2.2 2.2
Total 12,506.91 100.0 6.5 8.0
1 British Land’s share of joint venture properties is £1,353 million
2 including valuation movement in developments, purchases and capital expenditure, and excluding sales
3 excluding the effect of removal of Stamp Duty exemption for disadvantaged areas

Current reversions

(excluding developments) Annualised net rents
£m		 Reversionary income*
(5 years)
£m		 Current yield
£m		 Reversionary yield
(5 years)
£m
Retail
Shopping centres 128.9 14.6 5.3 5.9
Superstores 85.0 2.1 5.5 5.6
Retail warehouses 77.5 15.5 4.6 5.5
High street 62.9 7.8 5.3 5.9
All retail 354.3 40.0 5.2 5.8
 
Offices
City 178.2 55.9 4.9 6.4
West End 34.0 3.3 5.2 5.7
Business parks and provincial 18.8 (0.2) 7.6 7.5
All offices 231.0 59.0 5.1 6.3
 
Industrial and distribution 10.5 2.5 5.1 6.3
Residential 14.6 0.1 5.0 5.0
Leisure 15.2 1.9 5.8 6.5
Total 625.6 103.51 5.1 6.0
* includes rent reviews, expiry of rent free periods, lease break/expiry and letting of vacant space at current estimated rental value (as determined by external valuers)
1 £66.9 million contracted under expiry of rent free periods and minimum rental increases

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Long lease profile

(excluding residential* and developments) Weighted average lease term, years:   Vacancy rate
to expiry to first break  
%
Retail
Shopping centres 15.3 14.8   3.2
Superstores 21.8 21.8   0
Retail warehouses 16.2 16.0   1.5
High street 27.2 25.6   0.6
All retail 19.0 18.5   1.8
 
Offices
City 14.0 11.9   6.8
West End 12.1 9.8   1.0
Business parks and provincial 12.2 8.4   2.9
All offices 13.6 11.4   5.7
 
Industrial and distribution 14.7 12.9   19.1
Leisure 34.0 33.7   1.0
Total 17.1 15.9   3.5
includes 100% joint ventures
* predominantly let on short leases

Security of income

(from 31 March 2005) % of income remaining at:
to expiry to first break
5 years 93.1 87.0
10 years 79.2 69.8
15 years 55.5 49.6
includes 100% joint ventures
assumes no re-letting after first break or expiry

Tenant risk profile: 88% of current rental income is rated negligible, low and low/medium risk, by IPD using Experian Stress Score.

Development programme

    Net area
sq m		 Rent (est) pa Construction cost Cost to complete
Completed Total
 104,290 £42.5m £309.7m  
  British Land share   £41.5m £305.2m  
Committed Total 159,430 £33.9m £292.9m £232.6m
  British Land share   £31.3m £274.1m £217.5m
Development prospects Total 485,760 £152.6m £1,357.3m £1,330.4m
  British Land share   £151.1m £1,348.1m £1,321.3m

The British Land portfolio is positioned for growth with security.


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