Notes to the Financial Statements
12 Investment, development and trading properties
| |
Freehold |
Long leasehold |
Short leasehold |
Total |
| |
£m |
£m |
£m |
£m |
| Investment and development properties |
|
|
|
|
| Valuation and cost 1 April 2004 |
8,857.0 |
386.5 |
7.7 |
9,251.2 |
| Additions – purchases and capital expenditure |
1,059.1 |
152.5 |
|
1,211.6 |
| Disposals |
(69.0) |
|
0.1 |
(68.9) |
| Reallocation |
(21.7) |
21.8 |
(0.1) |
|
| Exchange fluctuations |
1.0 |
|
|
1.0 |
| Revaluations |
565.7 |
20.1 |
1.1 |
586.9 |
| Valuation and cost 31 March 2005 |
10,392.1 |
580.9 |
8.8 |
10,981.8 |
| |
|
|
|
|
| Trading properties |
|
|
|
|
| At lower of cost and net realisable value 31 March 2005 |
27.2 |
8.4 |
0.3 |
35.9 |
| External valuation surplus on development and trading properties |
|
|
|
81.3 |
| Adjustment for lease incentive and minimum guaranteed rent review debtors |
|
|
|
54.9 |
| Total investment, development and trading properties |
|
|
|
11,153.9 |
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.
| On an open market basis – external valuations: |
| |
|
£m |
| United Kingdom: |
Atisreal |
10,801.7 |
| |
FPD Savills |
282.6 |
| Republic of Ireland: |
Jones Lang LaSalle |
68.6 |
| Netherlands: |
CB Richard Ellis B.V. |
1.0 |
| Total investment, development and trading properties |
11,153.9 |
| |
£m |
| Total external valuation surplus on development and trading properties |
|
| British Land Group |
81.3 |
| Share of joint ventures |
2.4 |
| |
83.7 |
Properties valued at £7,051.9m (2004: £6,672.8m) were subject to a security interest and other properties of non-recourse companies amounted to £41.9m (2004: £84.3m). Cumulative interest capitalised in investment and trading properties amounts to £41.3m and £nil (2004: £36.2m and £nil) respectively. Included in the leasehold properties is an amount of £32.6m (2004: £13.7m) in respect of property occupied by the Group. The historical cost of properties was £8,148.8m (2004: £6,995.3m).
| |
2005 |
|
2004 |
| |
£m |
|
£m |
| Total property valuations including share of joint ventures |
|
|
|
| British Land Group: |
|
|
|
| |
Investment and development properties |
10,981.8 |
|
9,251.2 |
| |
Trading properties |
35.9 |
|
41.6 |
| |
External valuation surplus on development and trading properties |
81.3 |
|
92.7 |
| |
Lease incentive and minimum guaranteed rent review debtors |
54.9 |
|
27.6 |
| |
11,153.9 |
|
9,413.1 |
| |
|
|
|
| Share of joint ventures: |
|
|
|
| |
Properties |
1,347.8 |
|
1,221.8 |
| |
External valuation surplus on development and trading properties |
2.4 |
|
2.3 |
| |
Lease incentive and minimum guaranteed rent review debtors |
2.8 |
|
2.2 |
| |
1,353.0 |
|
1,226.3 |
| Total property portfolio valuation |
12,506.9 |
|
10,639.4 |
The valuation of the BL Davidson portfolio included within joint ventures has been agreed by the directors of the joint venture at 31 December 2004, and is derived from an open market valuation by FPD Savills at 30 June 2004, with adjustments made to reflect movements on property valuation to the year end date.
