Rental income

		At 31 March 2008
		Wholly owned			Share of joint ventures
		Rent roll £m	Reversionary potential £m	Rental values £m	Rent roll £m	Reversionary potential £m	Rental values £m	Total rental values £m
London
North of Oxford Street	Office	15.4	4.0	19.4	6.4	2.5	8.9	28.3
	Retail	3.6	0.6	4.2	4.2	1.1	5.3	9.5
Rest of West End	Office	8.3	5.7	14.0	8.2	2.8	11.0	25.0
	Retail	4.3	0.8	5.1	5.4	0.8	6.2	11.3
Total West End		31.6	11.1	42.7	24.2	7.2	31.4	74.1
City and Southwark	Office	12.5	4.3	16.8	1.2	0.7	1.9	18.7
	Retail	0.6	0.6	1.2	0.1	-	0.1	1.3
Total City and Southwark		13.1	4.9	18.0	1.3	0.7	2.0	20.0
Total let portfolio		44.7	16.0	60.7	25.5	7.9	33.4	94.1
Voids				2.3			0.7	3.0
Premises under refurbishment				10.2			1.5	11.7
Total portfolio				73.2			35.6	108.8

Rent roll security, lease lengths and voids

		At 31 March 2008
		Wholly owned			Joint ventures
		Rent roll secure for five years %	Weighted average lease length Years	Voids %	Rent roll secure for five years %	Weighted average lease length Years	Voids %
London
North of Oxford Street	Office	63.9	9.0	2.1	56.3	5.7	2.6
North of Oxford Street	Retail	64.0	7.7	3.3	72.4	10.3	1.9
Rest of West End	Office	22.4	3.2	-	51.8	5.4	2.3
Rest of West End	Retail	54.2	10.4	16.3	89.0	12.9	0.8
Total West End		51.8	7.5	3.5	65.0	8.1	1.9
City and Southwark	Office	13.9	3.3	4.3	14.9	2.6	4.5
City and Southwark	Retail	14.4	7.6	-	75.9	12.4	-
Total City and Southwark		14.0	3.5	4.3	20.2	3.4	4.2
Total let portfolio		40.8	6.4	3.7	62.7	7.8	2.2

Rental values and yields

		At 31 March 2008
		Wholly owned		Joint ventures		Wholly owned		Joint ventures
		Average rent £psf	Average ERV £psf	Average rent £psf	Average ERV £psf	Initial yield %	True equivalent yield %	Initial yield %	True equivalent yield %
London
North of Oxford Street	Office	41	55	31	44	1.8	5.8	3.1	5.7
North of Oxford Street	Retail	39	37	55	67	3.7	5.2	4.6	5.1
Rest of West End	Office	40	68	36	49	3.4	5.1	4.1	5.9
Rest of West End	Retail	64	74	53	61	3.6	4.8	4.1	5.0
Total West End		43	56	40	50	2.7	5.4	3.9	5.5
City and Southwark	Office	28	37	24	29	4.9	6.2	3.4	6.9
City and Southwark	Retail	13	27	42	20	2.8	6.0	5.9	6.7
Total City and Southwark		27	37	25	28	4.8	6.2	3.6	6.9
Total let portfolio		36	49	39	47	3.2	5.6	3.9	5.6

Portfolio performance

		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 period		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)

*The value of total development and investment properties (above) differs from that disclosed in notes 8 and 9 on page 21 due to the capitalisation of finance leases under IFRS.

Portfolio characteristics

		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
	Rental	394.2	15.7	409.9
Total		1,510.1	125.8	1,635.9
Net internal area sq ft 000's		2,470.9	552.8	3,023.7

Analysis of net internal areas

	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

Back to top