Crown Estate reports record annual profits

 
Kasmira Jefford
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THE CROWN ESTATE, which owns Regent Street and other London landmarks, today reported record profits and its highest ever property valuation as its super prime properties continued to outperform.

Net profit, which is paid to the Treasury, was £240.2m in the year to 31 March – up four per cent on the previous year.

The Estate, which owns some of the most sought after addresses in the country including buildings on St James’s Street and Pall Mall, said the value of its property portfolio reached £8bn for the first time, rising by 11 per cent.

Alison Nimmo, a former Olympic Delivery Authority director, who took over as chief executive in January, said: “It has been another tremendous year for The Crown Estate. Our super prime portfolio and active asset management have been the cornerstones of this strong financial performance and resilience during recent market volatility.”

The value of Marine Estate, which includes most of the UK’s coastline, rose by 23.4 per cent boosted by the massive expansion of its offshore wind farms, which now generate 1.5 per cent of the country’s electricity.

Its £300m Quadrant 3 scheme on Regent street is now 70 per cent let, helping to lift the value of its Urban estate by 4.4 per cent to £5.5bn.