Portfolio
At 30 September 2011 our wholly owned portfolio included 317 shops, extending to 393,000 sq. ft. They produce 37% of current income with and a weighted average unexpired lease term of five years. We continue to experience good demand for our retail accommodation and as a result we are keen to accelerate changes in tenant mix which would allow us to introduce new retailers and concepts.
We now have 212 wholly owned restaurants, cafes, pubs, bars and clubs, which extend to 483,00 sq. ft and provides 34% of current income in our wholly owned portfolio. Leases for this use are usually initially for 25 years and the average unexpired lease term is thirteen years.
We have 412,000 sq. ft. of offices, most of which are let in small units (average letting 1,250 sq. ft). Offices now represent 19% of our current income and the average unexpired lease term is three years.
Our residential portfolio now extends to 392 wholly owned apartments. They produce 10% of our income and comprise principally studios, one or two bedroom apartments which we let on tenancies of up to three years. We review our residential portfolio regularly and, in exceptional circumstances, consider sales but only where a disposal would not detract from the value of our remaining long term investments.
Facts
| Date | Current Contracted Gross Income £million | Estimated Rental Value £million | Portfolio Reversionary 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 |
| At 30/09/10 | 68.3 | 83.9 | 15.6 |
| At 30/09/11 | 77.5 | 92.2 | 14.7 |
