Crown Estate reports record Treasury return

The Crown Estate reported a record return to the country’s finances last year, as profits rose 5.7%.

The property-owning business, created by Act of Parliament, earned the Treasury £267.1m in the year to 31 March.

Its total capital value rose 14.6% to £9.9bn and the property value was 15.7% higher at £9.4bn.

“This year’s record profits, as well as our outperformance of the market over the last three years prove that through our long-term approach to investment and steadfast focus on our core sectors, The Crown Estate continues to be a remarkable success story,” said Crown Estate chairman Sir Stuart Hampson.

See also: Farms & Land

The Crown Estate spent £264m on acquisitions last year, including the purchase 3,500 acres in Northumberland now known as the Ellington Estate.

Land and property sales totalled £457m and included the Cranwell and Roxholme rural holdings in Lincolnshire.

More than 356,000 acres now belongs to the business, alongside the large urban property portfolio.

The estate’s 4.3GW offshore wind business earned £15m of revenue last year – 46% more than the year before.

The business manages the UK seabed out to 12 nautical miles (22km) from the coast and is investing up to £100m with developers in offshore renewable technology.