17 Investment property
| Freehold | Leasehold | Total | |
|---|---|---|---|
| £m | £m | £m | |
| Group | |||
| Carrying value | |||
| At 1st January 2009 | 1,722.5 | 363.1 | 2,085.6 |
| Acquisitions | – | 9.8 | 9.8 |
| Capital expenditure | 80.2 | 11.3 | 91.5 |
| Additions | 80.2 | 21.1 | 101.3 |
| Disposals | (207.9) | (8.1) | (216.0) |
| Revaluation | (57.0) | (24.1) | (81.1) |
| Movement in grossing up of headlease liabilities | – | (1.2) | (1.2) |
| At 31st December 2009 | 1,537.8 | 350.8 | 1,888.6 |
| At 1st January 2008 | 2,224.1 | 430.5 | 2,654.6 |
| Transfer | (15.0) | 15.0 | – |
| Acquisitions | 27.8 | 4.1 | 31.9 |
| Capital expenditure | 61.1 | 11.9 | 73.0 |
| Additions | 88.9 | 16.0 | 104.9 |
| Disposals | (59.8) | (11.6) | (71.4) |
| Revaluation | (515.7) | (86.4) | (602.1) |
| Movement in grossing up of headlease liabilities | – | (0.4) | (0.4) |
| At 31st December 2008 | 1,722.5 | 363.1 | 2,085.6 |
| Disclosed in: | |||
| Investment property | 1,705.0 | 363.1 | 2,068.1 |
| Non-current assets held for sale | 17.5 | – | 17.5 |
| 1,722.5 | 363.1 | 2,085.6 | |
| Adjustments from fair value to carrying value | |||
| At 31st December 2009 | |||
| Fair value | 1,573.3 | 345.1 | 1,918.4 |
| Adjustment for rents recognised in advance | (35.5) | (1.7) | (37.2) |
| Adjustment for grossing up of headlease liabilities | – | 7.4 | 7.4 |
| Carrying value | 1,537.8 | 350.8 | 1,888.6 |
| At 31st December 2008 | |||
| Fair value | 1,752.1 | 355.9 | 2,108.0 |
| Adjustment for rents recognised in advance | (29.6) | (1.4) | (31.0) |
| Adjustment for grossing up of headlease liabilities | – | 8.6 | 8.6 |
| Carrying value | 1,722.5 | 363.1 | 2,085.6 |
The investment properties were revalued at 31st December 2009 by external valuers, on the basis of market value as defined by the Valuation Standards published by The Royal Institution of Chartered Surveyors. CB Richard Ellis Limited valued properties to a value of £1,889.9m (2008: £2,079.6m); other valuers, £28.5m (2008: £28.4m).
At 31st December 2009, the historical cost of investment property owned by the group was £1,894.8m (2008: £2,054.5m).