Highlights

  • Valuation surplus of 9.1%
  • £31m of new lettings secured during the year
  • Completed the largest single letting of second-hand office space in London since 2003
  • Work started on site at three West End locations – Park House, W1; 62 Buckingham Gate, SW1; and Wellington House, SW1
  • Retail component of One New Change, EC4, now 90% let or in solicitors’ hands
  • Planning permission granted for development at Victoria Transport Interchange, SW1, and Arundel Great Court, WC2

London Portfolio by capital value

£5.27bn

London portfolio by capital value West End offices = 37.5% Central London shops = 17.8% Midtown offices = 15.1% City offices = 14.9% Inner London offices = 12.7% Other = 3.8%

London office valuations
at 31 March 2010 (£bn)

London office valuations at 31 March 2010 (£bn) 2006 = 4.8 2007 = 6.1 2008 = 6.1 2009 = 40 2010 = 4.2

London Portfolio valuation
and performance summary

London Portfolio valuation and performance summary Combined portfolio valuation: 31 March 2010 £m = 5,274.7, 31 March 2009 £m = 5,089.4 Like-for-like:  Investment portfolio valuation: 31 March 2010 £m = 3,589.8, 31 March 2009 £m = 3,331.6 Net rental income: 31 March 2010 £m = 288.3, 31 March 2009 £m = 326.6 Gross estimated rental value: 31 March 2010 £m = 244.5, 31 March 2009 £m = 263.7 Voids by estimated rental value: 31 March 2010 £m = 6.1%, 31 March 2009 £m = 4.9%

Voids and units in administration
– London offices (% of ERV)

Voids and units in administration – London offices (% of ERV) March 2009: Voids = 5.9, Administrations = 0.2 September 2009: Voids = 6.2, Administrations = 0.2 March 2009: Voids = 6.2, Administrations = 0.2

Top 10 office tenants
(% of Group income)

Top 10 retail tenants (% of Group income) Government = 9.2 Deloitte = 2.5 Royal Bank of Scotland = 2.5 Bank of New York Mellon = 1.4 Metropolitan Police = 1.0 EDF Energy = 1.0 Microsoft = 0.8 Speechly Bircham = 0.7 Lloyds Banking Group = 0.7 Taylor Wessing = 0.7 20.5 Office other = 22.5 Total (all office tenants) = 43.0

London Portfolio - tenant diversification
(% of Group income)

London portfolio – tenant diversification (% of Group income) Retail Portfolio = 50.6% Top 10 office tenants = 20.5% Other office tenants = 22.5% Central London shops = 6.4%

London Portfolio floorspace
under management

0.83 million m2

London Portfolio floorspace under management Central London shops = 7.0% Other London = 5.2% London offices = 87.8%

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