Estate more than doubled figure to over 拢1bn last year

The Crown Estate said demand for London office space saw vacancy rates fall in the West End last year with a return to work helping the business post a record annual profit.

The firm, which is a major London landlord with a swathe of space in Regent Street and St James鈥檚, said revenue from its office and residential business in the capital was up 3% to 拢230m for the year to March 2024.

It said its investment in its development pipeline 鈥渋s helping us to modernise our portfolio, decarbonising heritage properties and creating spaces our customers want to occupy鈥�.

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The Crown Estate鈥檚 portfolio in London includes Regent Street

Crown Estate, which part-funds the monarchy, is working with Multiplex on a 拢150m revamp of New Zealand House in St James鈥檚 and has appointed McLaren to a 拢30m scheme to overhaul 10 Spring Gardens, also in St James鈥檚.

It is also looking to start the second phase of the St James鈥檚 Market scheme, designed by Make, with Lendlease and Mace expected to bid.

Details of the uptick in office demand were revealed in its annual results for the year to March 2024 with the firm posting a record set of numbers.

Profit more than doubled to 拢1.1bn, from 拢443m, thanks largely to fees charged to offshore wind developers.

The 拢15.5bn estate owns a stretch of seabed up to 12 nautical miles wide that surrounds England, Wales and Northern Ireland.

The Crown Estate said it has benefited from growth in the sector which has helped to deliver 拢4bn of Treasury income over the past decade.