Portfolio
At 30 September 2009, the Group's portfolio was valued at £1,210.0 million.
Our wholly owned portfolio at 30 September 2009 included 315 shops extending to 375,000 sq. ft. They produce 42% of current income, have an average annual rent of £83,000 and an average unexpired lease term of six years. Of our 21 vacant shops, fifteen are small units. Of the six shops of above average size, which have a combined rental value of £0.9 million (55% of the ERV of vacant shops), two were under offer and one under refurbishment at the year end.
We have 169 restaurants, cafes, bars and clubs, with a total area of 406,000 sq. ft., of which about 120 are located very close to the West End’s principal theatres and cinemas. These uses produce 28% of current income. Leases are usually initially for 25 years and the current average of unexpired terms is thirteen years. As the leases and licences are valuable assets for tenants, defaults are rare. Of our two vacant units at the year end, one is under offer and the other is being reconfigured. Strict planning and licensing regulations in the West End restrict the supply of new restaurants. We have excellent demand from experienced operators with new concepts.
Our office space continues to reduce in significance. It extends to 420,000 sq. ft. across 348 tenancies, but now represents only 21% of current rents and 19% of estimated rental value. Our office leases are short with an average unexpired term of three years. Of the 38 offices which were vacant at the year end, many were small, with an average size of 1,000 sq. ft., and an average estimated rental value of £32 per sq. ft. For most of the year demand for offices was weak, but in recent weeks there has been an increase in enquiries for our smaller offices. We had a similar experience this time last year and it will be interesting to see if, on this occasion, demand continues into the New Year.
Our investment in residential accommodation continues to grow, and now represents 9% of our current income. We now have 310 apartments, and at the year end had made planning applications for a further 27 units. Our apartments usually let within a month of becoming available, with tenants staying two to three years on average.
Facts
| Date | gross income £million | rental value £million | potential £million |
| At 30/09/05 | 49.8 | 60.6 | 10.8 |
| At 30/09/06 | 53.9 | 66.0 | 12.1 |
| At 31/03/07 | 56.0 | 69.0 | 13.0 |
| At 30/09/07 | 57.9 | 72.4 | 14.5 |
| At 30/09/08 | 60.4 | 80.2 | 19.8 |
| At 30/09/09 | 63.4 | 78.3 | 14.9 |
