• Overview
• Chairman & Chief Executive's Statement
• Operating & Financial Review
• Property Review
• Management, Governance & CR
• Financial Statements

• Portfolio Highlights
• Principal Investment Portfolios
  • Central London Offices
  • Retail
• Development Programme
• Development Process - The Leadenhall Building
• Joint Ventures
• Principal Debt Instruments

• Sitemap
• Downloads
• Glossary
• Email page
• PDF of page
• Print page
• Feedback Form

• Home >
• Property Review >
• Principal Investment Portfolios >
• Retail

Property Review

Principal Investment Portfolios

Retail

Out of Town Retail Warehouses Portfolio >
Meadowhall Shopping Centre, Sheffield >
Superstores Portfolio >
In-Town Retail Portfolio >

Superstores Portfolio

Total value £1,738m British Land’s share £1,549m 71 superstores located across England, Wales and Northern Ireland Total floor area 441,000 sq m (4.7m sq ft) Total site area 165 hectares (407 acres) Total car spaces c.28,000 66 freeholds, 5 long leaseholds 58 stores 100% owned 13 stores owned 50% in joint ventures Total rent passing £95.7m pa, British Land’s share £85.0m pa Average rent £20.19 per sq ft Weighted average lease term to break and expiry 21.8 years

Tenants: Safeway (3 stores) Sainsbury’s (44 stores) Somerfield (9 stores) Tesco (14 stores) Waitrose (1 store)

British Land’s investment in superstores now represents 12% of the total portfolio.

We calculate that we are the largest owner of UK superstore 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 45 extensions adding a total of 60,850 sq m (655,000 sq ft), of which 1,625 sq m (17,500 sq ft) has been completed during the year.

In addition to these, British Land also owns, directly or 50% in joint ventures, a further 15 superstores which are included in other sectors of the portfolio (such as retail warehouse parks), and total a further 125,000 sq m (1,350,000 sq ft).

19 rent reviews were concluded during the year, adding some £4.5 million rent per annum. The most significant was the determination on the Sainsbury store at Islington, of 6,200 sq m (67,000 sq ft). The arbitrator’s award was £26 per sq ft as a base rent which equated to £29.21 per sq ft after the adjustments for fixtures and fittings and lease terms. This now represents the highest award for a food superstore in the country.