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We are a central London property investment and development company
owning over £1.6 billion of real estate.
| £1,635.9 million | total assets including our share of joint ventures |
| At 31 March 2008 | |||||||
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Wholly owned £m |
Share of joint venture £m |
Total £m |
Proportion of portfolio % |
Valuation movement % |
ERV movement % |
||
| North of Oxford Street | Office | 337.8 | 67.4 | 405.2 | 24.8 | 4.2 | 11.5 |
| Retail | 74.7 | 77.6 | 152.3 | 9.3 | (2.5) | 4.0 | |
| Rest of West End | Office | 215.7 | 33.1 | 248.8 | 15.2 | 2.5 | 16.2 |
| Retail | 106.9 | 30.8 | 137.7 | 8.4 | (6.2) | 1.5 | |
| Total West End | 735.1 | 208.9 | 944.0 | 57.7 | 1.0 | 10.0 | |
| City and Southwark | Office | 215.9 | – | 215.9 | 13.2 | (7.5) | 12.3 |
| Retail | 8.4 | – | 8.4 | 0.5 | (2.2) | 2.3 | |
| Total City and Southwark | 224.3 | – | 224.3 | 13.7 | (7.4) | 11.5 | |
| Investment property portfolio | 959.4 | 208.9 | 1,168.3 | 71.4 | (0.7) | 11.6 | |
| Development properties | 108.0 | – | 108.0 | 6.6 | 5.6 | 19.3 | |
| Total properties held throughout the year | 1,067.4 | 208.9 | 1,276.3 | 78.0 | (0.2) | 12.4 | |
| Acquisitions | 19.9 | 339.7 | 359.6 | 22.0 | (1.7) | ||
| Total property portfolio | 1,087.3 | 548.6 | 1,635.9 | 100.0 | (0.5) | ||
| At 31 March 2008 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Investment property portfolio £m |
Properties under development £m |
Total property portfolio £m |
Office £m |
Retail £m |
Total £m |
Net internal area sq ft 000's |
|||
| North of Oxford Street | 635.7 | 98.1 | 733.8 | 556.6 | 177.2 | 733.8 | 1,284.2 | ||
| Rest of West End | 605.2 | – | 605.2 | 384.7 | 220.5 | 605.2 | 953.6 | ||
| Total West End | 1,240.9 | 98.1 | 1,339.0 | 941.3 | 397.7 | 1,339.0 | 2,237.8 | ||
| City and Southwark | 269.2 | 27.7 | 296.9 | 284.7 | 12.2 | 296.9 | 785.9 | ||
| Total | 1,510.1 | 125.8 | 1,635.9 | 1,226.0 | 409.9 | 1,635.9 | 3,023.7 | ||
| By use: | Office | 1,115.9 | 110.1 | 1,226.0 | |||||
| Retail | 394.2 | 15.7 | 409.9 | ||||||
| Total | 1,510.1 | 125.8 | 1,635.9 | ||||||
| Net internal area sq ft 000's | 2,707.5 | 316.2 | 3,023.7 | ||||||
| 6.9 years | Average length of lease |
|---|---|
| 3.2% | Void rate |
| £108.7 million | Rental value |
| At 31 March 2008 | |||||||
|---|---|---|---|---|---|---|---|
| Wholly owned | |||||||
| Offices sq ft 000's |
Retail sq ft 000's |
Total sq ft 000's |
|||||
| North of Oxford Street | 524 | 146 | 670 | ||||
| Other West End | 205 | 81 | 286 | ||||
| Total West End | 729 | 227 | 956 | ||||
| City | 282 | 34 | 316 | ||||
| Southwark | 215 | 11 | 226 | ||||
| Total City & Southwark | 497 | 45 | 542 | ||||
| Total London | 1,226 | 272 | 1,498 | ||||
| Joint ventures | |||||||
|---|---|---|---|---|---|---|---|
| Offices sq ft 000's |
Retail sq ft 000's |
Total sq ft 000's |
|||||
| North of Oxford Street | 453 | 161 | 614 | ||||
| Other West End | 465 | 203 | 668 | ||||
| Total West End | 918 | 364 | 1,282 | ||||
| City | 128 | 5 | 133 | ||||
| Southwark | 100 | 10 | 110 | ||||
| Total City & Southwark | 228 | 15 | 243 | ||||
| Total London | 1,146 | 379 | 1,525 | ||||
| Combined | |||||||
|---|---|---|---|---|---|---|---|
| Offices sq ft 000's |
Retail sq ft 000's |
Total sq ft 000's |
|||||
| North of Oxford Street | 977 | 307 | 1,284 | ||||
| Other West End | 670 | 284 | 954 | ||||
| Total West End | 1,647 | 591 | 2,238 | ||||
| City | 410 | 39 | 449 | ||||
| Southwark | 316 | 21 | 336 | ||||
| Total City & Southwark | 725 | 60 | 785 | ||||
| Total London | 2,372 | 651 | 3,023 | ||||
| Committed schemes | Completion | Status | Construction Cost Remaining (£m) |
ERV p.a. (£m) |
Cap Rate |
|---|---|---|---|---|---|
| 79/83 Great Portland Street, W1 | Mar-08 | Complete | 0 | 0.2 | * |
| Metropolitan Wharf, E1 | Mar-08 | Complete | 1.6 | 0.6 | 9.65 |
| 160 Tooley Street, SE1 | Jun-08 | Sold | 0 | – | – |
| 45 Foley Street, W1 | Jul-08 | On-Site | 1.4 | 1.1 | 5.50 |
| Wells & More, W1 | Nov-08 | On-Site | 15.4 | 6.8 | 5.25 |
| 46/58 Bermondsey Street, SE1 | Mar-09 | On-Site | 7.5 | 1.5 | 6.00 |
| Total | 25.9 | 10.2 |
| Uncommitted schemes | Potential start | Status | Total Project Cost |
ERV p.a. (£m) |
Cap Rate |
|---|---|---|---|---|---|
| 240 Blackfriars Road, SE1 | Jul-08 | Planning Permission | 51.2 | 4.6 | 5.65 |
| 184/190 Oxford Street, W1 | Jan-09 | Planning Application | 15.2 | 2.6 | 5.50 |
| 79/97 Wigmore Street, W1 | Mar-09 | Planning Permission | 39.1 | 4.4 | 5.25 |
| Buchanan House, High Holborn, W1 | Mar-09 | Planning Application | 30.80 | 3.3 | 5.50 |
| 12/14 and 13 Fetter Lane, EC4 | Jun-09 | Planning Application | 44.2 | 4.1 | 5.50 |
| Walmar House, Regent Street, W1 | Mar-10 | Design | 10.7 | 1.8 | 5.00 |
| Total | 191.2 | 20.8 |
* Residential units to be sold
| Number of schemes | |
|---|---|
| Near-term programme | 12 |
| Medium-term programme | 9 |
| Long-term programme | 2 |
| Total | 23 |
| Existing area | 1.6m sq ft |
| Proposed area | 2.8m sq ft |
| Increase (79%) | 1.2m sq ft |
| Committed | Uncommitted | |
|---|---|---|
| Number of schemes | 6 | 6 |
| Site value | £78m | £126m |
| Project cost (excluding site) | £77m | £191m |
| Total cost (£psf) | £484 | £468 |
| ERV | £10.2m | £20.9m |
| Gross development value | £235m | £370m |
| Profit on cost | £79.6m | £52.6m |
| Profit on cost | 51.2% | 16.6% |
| Development yield on cost | 8.6% | 6.6% |