Profit fit for a Queen after rise in value of Crown Estate's West End property
Thursday 27 June 2013
The Queen is nearly £38m better off following record results from her property company, the Crown Estate, an £8bn empire stretching from swathes of the West End of London to offshore wind farms.
The Crown Estate produced a 5 per cent rise in profits of £252.6m in the year to 31 March – all of which is paid to the Treasury, which gives 15 per cent back to the monarch.
Its total property value rose 7 per cent to £8.1bn, helped by buoyant conditions in property around Regent Street, pictured, and Piccadilly, which accounts for more than half of its portfolio. Retailers such as J Crew and Watches of Switzerland have moved in, while luxury flats in its newest St James's residential development, Gateway, are on sale for up to £4.5m.
The firm has 835,000 sq ft in projects under construction or with planning consent in the capital. The company is not allowed to take on debt so it sells assets and forms partnerships to raise capital, most recently striking a £320m development tie-up with one of Canada's biggest pension funds Oxford Properties.
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