The Queen's property empire returned a record £328.8 million to the UK Treasury thanks to wind farms Prince Philip once described as 'absolutely useless'

pulse

June 27, 2017 9:56 AM

The wind farms which Prince Philip once described as 'absolutely useless' were identified as a key driver in the Crown Estate's revenues last year.

Queen Elizabeth II laughs as she watches the racing at Epsom Racecourse on June 4, 2016 in Epsom, England.

LONDON — Queen Elizabeth's property empire, the Crown Estate, delivered a record £328.8 million to the Treasury last year thanks to beefed up returns from its wind farms and assets in central London.

The return is up 8.1% on the previous year, and takes the total that the Estate has returned to the Exchequer in the last decade to over £2.6 billion. The capital value of the overall estate increased by 2% to £13.1 billion.

Alison Nimmo, chief executive of the Crown Estate, said the group's outperformance was also a result of its careful redevelopment efforts in London.

Four years ago the group began a £450 million redevelopment between Regent Street and Haymarket — on some of the most valuable land in central London — which it called St James's Market.

Under current arrangements, the Queen receives back 25% of the Crown Estate's revenues in the form of a Sovereign Grant, which is used to fund her official work and the upkeep of her residences. The 8% uptick in revenues means she will receive a £6 million boost in funds to £82.2 million in the Sovereign Grant, which is paid two years in arrears.

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