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TWST: Have you got another stock that you could talk about?

Mrs. Rogers: I think another one that we would rate particularly highly would be Chelsfield. This is a company run by somebody called Elliot Bernard — he's the head character, though there's a very able team underneath. And this is principally a development company. It owns developments at Paddington and White City; it's also been very good, again, at spotting portfolio opportunities. It's not an easy stock in the sense that as far as investors are concerned there isn't a guaranteed substantial income stream, and you can't say that certain streams are definitely going to come through, but against that they're also very entrepreneurial — they've recently invested in Global Switch, so they're well into that particular market, which I think is going to be quite a big area of the property market in the future.

TWST: Can you describe in more detail that particular area?

Mrs. Rogers: Essentially these are buildings that house servers — Internet-type servers and things — for other companies, and they either house them on the basis that the person just puts it there in a box, or they house it and maintain it as well. Why would anybody want them to do that — it's because you don't have to have enormous great big cables and so forth going to your property directly — you share the cost with other parties. You get people who take space directly; there may well be retailers who wish to get into that particular market and take space directly. It's quite a wide range, and it's likely to become, we think, an increasingly important area of the property market.

TWST: What sort of growth rate do you anticipate that particular sector of the property market having?

Mrs. Rogers: I would have thought that we could be looking at rental increases there over the next five years of perhaps about 20%, whereas the average for the rental market we would have thought was more like three. There's also only a few locations that they can go to because they need a substantial power source, and they also need to have cooling, because these things get very hot, apparently, so again you also need lots of water. You need to be near the client so they can come and do their own service.

TWST: What other opportunities are they exploring?

Mrs. Rogers: The main other things are the Paddington scheme, the big Paddington office park there, and in due course the White City Shopping Centre of a million square feet. So they do have a very entrepreneurial approach. Obviously they won't all come through, but the shares are currently trading at 294, and we are anticipating a net asset value for the company of 384, and if you add in the value of their developments and so forth at 20% discount taking account of risk, you're talking about a figure in excess of 430.

TWST: What's the time scale on the roll-out of those projects?

Mrs. Rogers: It's really going to be over the next three to five years, so it's a long time; but what we are seeing is, given that the market itself could be quite quiet, this is a company which is guaranteed to achieve further growth.