2016 2015
 $’000  $’000
At cost     1,852        1,852
Less accumulated depreciation        327          327
1,525 1,525

(a) Movements in investment properties are set out below:

2016 2015
 $’000  $’000
Carrying amount at start of year 1,525 1,525
Less depreciation      –             –
Carrying amount at end of year 1,525 1,525

Rental income on the investment property is disclosed in Note 4.

(b) Fair value of investment property

The investment property was purchased during the year ended 30 June 2010 and is recognised at cost. The indicative fair value was $2,200,000 based on independent assessments made by a member of the Australian Property Institute at 30 June 2015, up from the $1,950,000 independent assessment made on 30 June 2012. The next independent assessment is due on 30 June 2017.

(c) Leasing Arrangements

The investment property lease was renegotiated on the 26 May 2016 for 6 months, commencing 15 August 2016 and expiring 14 February 2017.

Minimum lease payments receivable are as follows:

2016 2015
 $’000  $’000
Within one year         49           48
         49           48