Valuation

The valuation of the Group’s properties rose to £1,654.5 million during the year, delivering an underlying capital return of 15.5%.

At 31 March 2011 the wholly-owned portfolio was valued at £1,021.0 million and the Group had seven joint ventures which owned properties valued at £633.5 million (our share).

The valuation of the portfolio was up 13.5% or £168.8 million since 31 March 2010 on a like-for-like basis. The surrender by Telewest at 160 Great Portland Street, W1 subdued this valuation growth, when the £25.3 million cash receipt is taken into account the underlying portfolio capital return was 15.5%.

Portfolio performance

Wholly-
owned
£m
Share of
joint venture
£m
Total
£m
Proportion
of portfolio
%
Valuation
movement
%
North of Oxford Street Office 355.8 69.3 425.1 25.7% 17.0%
Retail 60.8 84.1 144.9 8.7% 8.3%
Rest of West End Office 103.1 121.3 224.4 13.6% 15.3%
Retail 85.6 97.8 183.4 11.1% 8.2%
Total West End 605.3 372.5 977.8 59.1% 13.5%
City and Southwark Office 146.5 63.8 210.3 12.7% 10.3%
Retail 19.7 1.7 21.4 1.3% 15.7%
Total City and Southwark 166.2 65.5 231.7 14.0% 10.8%
Investment property portfolio 771.5 438.0 1,209.5 73.1% 12.9%
Development property 84.1 125.6 209.7 12.7% 16.9%
Total properties held throughout the year 855.6 563.6 1,419.2 85.8% 13.5%
Acquisitions 165.4 69.9 235.3 14.2% 9.6%
Total property portfolio 1,021.0 633.5 1,654.5 100.0% 12.9%1

1 Excludes the proceeds from the 160 Great Portland Street lease surrender.


Portfolio characteristics

Investment
properties
£m
Development
properties
£m
Total
property
portfolio
£m
Office
£m
Retail
£m
Total
£m
Net
internal
area sq ft
000's
North of Oxford Street 649.6 198.9 848.5 654.5 194.0 848.5 1,436
Rest of West End 453.4 453.4 268.1 185.3 453.4 879
Total West End 1,103.0 198.9 1,301.9 922.6 379.3 1,301.9 2,315
City and Southwark 322.7 29.9 352.6 330.9 21.7 352.6 1,063
Total 1,425.7 228.8 1,654.5 1,253.5 401.0 1,654.5 3,378
By use: Office 1,060.3 193.2 1,253.5
Retail 365.4 35.6 401.0
Total 1,425.7 228.8 1,654.5
Net internal area sq ft 000's 2,990 388 3,378