The Crown Estate reports record £1.1 billion net revenue profit for 2023/24

The Crown Estate has announced a record-breaking net revenue profit of £1.1 billion for the 2023/24 financial year, marking an impressive £658.1 million increase from the previous year. This surge is attributed to long-term investments in offshore wind and a robust property and land portfolio.

The Crown Estate’s various holdings include strategic land, commercial properties in London’s West End, and extensive rural areas, such as Windsor Great Park. These assets collectively contributed to the strong financial performance, reinforcing the estate’s role in generating economic, social, and environmental value for the UK.

Key Highlights:

Commercial Property Success: The commercial property portfolio outperformed benchmarks, with improved occupancy rates and rental values, indicating recovery in the sector.

Offshore Wind Leasing: The launch of Offshore Wind Leasing Round 5 and the acceleration of Round 4 projects are set to enhance the UK’s renewable energy capacity.

Major Developments: Significant commercial property projects in London, including New Zealand House and 10 Spring Gardens, are underway with a gross development value of over £430 million.

Environmental Initiatives: The Crown Estate committed to planting 200 km of new hedgerows and 400 acres of woodland, achieving a 15% reduction in energy consumption across its real estate portfolio.

Future Outlook: The Crown Estate plans to continue its focus on supporting the UK’s net zero ambitions and energy security. This includes leasing seabed space for offshore wind projects expected to generate an additional 20 – 30 GW of renewable energy by 2030.

CEO Dan Labbad emphasized the estate’s long-term commitment to national interests, highlighting the upcoming government legislation to broaden its investment powers. This legislative change aims to further enhance The Crown Estate’s impact on decarbonisation, nature recovery, and economic growth.

In summary, The Crown Estate’s record financial results and strategic initiatives underscore its crucial role in addressing the UK’s structural challenges while delivering substantial value to public finances.

For more information about offshore wind farm projects across the globe, click here.

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The Crown Estate reports record £1.1 billion net revenue profit for 2023/24

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