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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2020 79GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2020(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2020 20195. Investment property $ $Balance at 1 January 3,269 3,313Reclassification to property, plant, equipment %u2013 cost (5,716) (2,158)Reclassification to property, plant, equipment %u2013 accumulated depreciation 4,153 1,503Transfers from WIP 128 894Depreciation for the year (157) (283)Balance at 31 December 1,677 3,269Investment property at cost 6,364 11,956Accumulated depreciation (4,687) (8,687)Net carrying amount 1,677 3,269Amounts included in the Consolidated Statement of Comprehensive (Loss)/Income for the year:2020 2019Rental income 1,641 1,980Direct operating expenses 71 184The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.The Group has 24% of space available for rental at its property on 22-24 St. Vincent Street, Port of Spain (2019: 46%), which has been classified as Investment property. During the year, the Group reduced space available for rent at its property on 22-24 St. Vincent Street, Port of Spain by 15,452 square feet.