The Crown Estate property portfolio is now worth £8.1 billion after a record year for the Queen’s assets, reports reuters.com.
A statement by the organisation revealed that it enjoyed a 5.2 per cent increase in profits in the year to March 2013, with its London properties playing a key role in these financial results.
The Crown Estate, which belongs to the monarch in power, can take in profits from its many assets – which now include wind farms as well as properties in central London – but it cannot sell them. Some of properties, such as those lining Regent Street, could certainly pique the interest of the capital’s estate agency personnel, but legislation does not permit a sale.
Chairman of the organisation Stuart Hampson said: “We are proud that another record Crown Estate performance will again make a strong contribution to the nation’s finances.”
The improvement in the Crown Estate’s finances is also good news for Queen Elizabeth’s bank balance, of course. She will get £38 million in 2014/15 from the portfolio, as her payout is held back by law to 15 per cent of the £252.6 million of profit.
Alison Nimmo, chief executive of the property body, remarked: “We have the best portfolio, I would say, anywhere in the world. We have extraordinary assets. We are looking to grow the business. Markets remain challenging but we are very well placed.”