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:

31March
2005
£m		     2005
£m		 2004
£m
  United Kingdom: Knight Frank 11,615  
10,802   ATIS REAL Weatheralls   9,547
282   FPD Savills 294 247
    Directors' valuation* 167  
69 Republic of Ireland: Jones Lang LaSalle   50
1 Netherlands: CB Richard Ellis B.V. 1 1
11,154 Total Group property portfolio valuation 12,077 9,845
         
  Represented by      
10,877 Investment properties 11,694 9,579
212 Development properties 304 196
36 Trading properties at lower of cost or valuation 44 36
11,125 Carrying value of properties on balance sheet 12,042 9,811
57 External valuation surplus on trading properties 62 56
(28) Head lease liabilities (27) (22)
11,154 Total Group property portfolio valuation 12,077 9,845
  • * These properties are under contract for sale.

Properties valued at £7,363 million (31 March 2005: £7,052 million; 30 September 2004: £6,513 million) were subject to a security interest and other properties of non-recourse companies amounted to £61 million (31 March 2005: £42 million; 30 September 2004: £40 million).

31 March
2005
£m		  
 
 		  
2005
£m		  
2004
£m
  Total property valuations including share of funds and joint ventures    
11,154 British Land Group 12,077 9,845
  Share of funds and joint ventures    
1,321 Investment properties 2,535 1,192
4 Development properties    
25 Trading properties atcost 31 26
8 Finance lease properties 8 8
2 External valuation surplus on trading properties 7 3
4 External valuation surplus on finance lease properties 4 3
(11) Head lease liabilities (11) (11)
1,353   2,574 1,221
12,507 Total property portfolio valuation 14,651 11,066
 
 
 		  
Freehold
£m		 Long
leasehold*
£m		  
Total
£m
Investment properties (including investment properties being redeveloped)      
Carrying value at 1 April 2005 10,259 618 10,877
Additions – corporate acquisitions 495   495
– other additions 75 8 83
Disposals (300) (11) (311)
Exchange fluctuations 1   1
Revaluations 471 51 522
Lease incentive and minimum guaranteed rentreview debt or movement 27   27
Investment properties – carrying value 30 September2005 11,028 666 11,694
       
Development properties      
Valuation 1 April 2005 212   212
Additions 53   53
Revaluations – included in income statement 22   22
Revaluations – included in statement of recognised income and expense 17   17
Valuation 30 September2005 304   304
       
Trading properties      
At lower of cost and net realisable value      
30 September 2005 36 8 44
      12,042
       
External valuation surplus on trading properties     62
Head lease liabilities     (27)
Total Group property portfolio valuation     12,077
  • * Includes short leasehold properties (1 April 2005: £9 million; 30 September 2005: £11 million).