Property Investments.

As at 31 st December, 2007 investment properties consisted of 68 individual property units covering a total of 797,868 sq. ft. at an annual rental of £2,411,947 together with approximately 205,429 sq. ft. of vacant mixed business space in Speke, Liverpool and 143,000 sq. ft. of warehouse space at Knowsley, Liverpool. These property units vary considerably in size and use, with the largest three units totalling 381,493 sq. ft. at a combined rental of £1,062,485 and the smallest thirteen units being less than 2,000 sq. ft. each at a combined rental of £57,076. The total area can be sub-divided into the following use categories:

Warehouse and associated offices 533,128 sq. ft.
Industrial and associated offices 262,440 sq. ft.
Retail, and other 2,300 sq. ft.

These categories can be further analysed as follows:

 

 

 

No. of tenants

Area sq. ft.

(i)

Warehouse

 

 

 

Food storage

1

184,230

 

Chemicals and plastic storage

1

151,224

 

Pharmaceuticals storage

1

48,000

 

Document storage

1

20,152

 

Others and vacant

6

129,522

(ii)

Industrial

 

 

 

Rubber processing

1

15,330

 

Light engineering

8

26,215

 

Heavy engineering

1

71,300
  Food processing
1
39,559

 

Offices

12

69,134

 

Others and vacant

3

40,902

(iii)

Retail, office and others

 

 

 

Nursery

1

2,300

The letting programme in Speke, Liverpool continues with lettings of 166,574 sq. ft at an annual rent £696,290 being achieved by year end which are included in the above analysis.

Investment Properties are shown at fair value based on current use and any surplus or deficit arising on valuation of property is reflected in the capital column of the Income Statement.

Of the property units held at the year end :

  • 4 property units at Newton-le-Willows were valued by Dixon Webb LLP, Chartered Surveyors, as at 1 st February, 2008 at £12,125,000;

  • 12 property units at Newton-le-Willows were valued by Dixon Webb LLP, Chartered Surveyors, as at 1 st February, 2008 at £4,475,000;

  • 1 property unit at Knowsley, Liverpool was valued by Dixon Webb LLP, Chartered Surveyors, as at 1 st February, 2008 at £2,415,000;

  • 1 property unit at Knowsley, Liverpool was valued by Dixon Webb LLP, Chartered Surveyors, as at 1 st February, 2008 at £8,000,000;

  • the units at Speke, Liverpool were valued by Dixon Webb LLP, Chartered Surveyors, as at 1 st February, 2008 at £8,500,000;

  • 34 property units at Dorking were valued by Hurst Warne Limited, Chartered Surveyors, as at 22 nd January, 2008 at £3,290,000;

All external valuations were carried out on the basis of Market Value in accordance with the Valuation Standards of the Royal Institution of Chartered Surveyors.