Crown Estate achieves 5% increase in property revenue

The Crown Estate, one of the largest landowners in the UK, has just announced a 5% increase in the revenue from its property portfolio.

For the year ended 31 March 2007, a total of £200m was paid to the Treasury.

Turnover was up 4% to £262m, while the estate’s capital value rose 19% to just over £7bn.

The capital value of the Crown’s rural estate, which includes 780 farm tenancies covering 270,000 acres of agricultural land and 700 residential tenancies, grew 6% to £714m.

Turnover was boosted 3.2% to £22m by a growth in residential and commercial rents.

Nick Harper, head of rural asset management and development at the Crown, said the estate was looking for more land.

It has just purchased a £35m portfolio of let farms and houses in Cheshire.

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