King Charles to receive £132m next year after crown estate makes £1.1bn profit | Crown estate

King Charles, thanks to an explosion in the open marine wind industry, will earn more than £ 1 billion profit of the land and property portfolio, next year, the official annual income of £ 132 million will generate.

The snow in Crown Estate, which partially financed the monarchy, is flat at £ 1.1 billion in the financial year until the end of March, but more than twice the £ 442.6 million £ two years ago.

Crown Estate, the legal owner of the sea bed around the UK, Wales and Northern Ireland, is responsible for the auction of open marine wind rights. He took advantage of the major growth in the industry and demanded heavy option fees from renewable energy developers to secure the areas of building areas of the sea bed.

The monarchy renews 12% of the Crown Estate profit to finance its business and the 10 -year -old Buckingham Palace of £ 369 million. This fee was reduced to 25% in 2023 to balance the profits obtained from open sea wind projects.

According to the new calculation, King Charles is preparing to generate $ 132 million official revenue from the same level compared to last year. The grant remained constant at £ 86.3 million for the previous four years.

Dan Labbad, General Manager of Crown Estate, said the increase in the snow in the last two years is a “short -term phenomenon. Uz We expect this year to be the highest point of these returns… Before the profits are normalized, ”he said.

Michael Stevens, the keeper of the King’s private bag, said the expected increase in the dominant grant last year will be used to finance the final stages of the renovation of Buckingham Palace. After this, it will be searched as part of the study of the Royal Trustees through the primary legislation in 2026-27 in the absolute amount of the sovereign grant in order to ensure that the royal work is to be financed at the appropriate level. ”

In general, Crown Estate, including London property and rural real estate portfolio, is worth £ 15 billion last year from £ 15.5 billion. The valuation of the sea part of the enterprise fell by £ 1 billion this year.

The property assets in London were worth £ 7.1 billion compared to £ 6.9 billion in the previous year. Most of the portfolio in the capital are intensified around Regent Street and St James’s, and contain Victor House, home to the oldest Indian restaurant of London Veeraswamy.

Crown Estate also said that the Westminster Municipal Assembly and the Regend Street, Haymarket and Piccadilly Circus have developed the commercial area of ​​approximately 93,000 square meters (1m square meters) in London through partnership.

In May, the Crown land adopted a 50/50 conditional joint venture with construction company Lendlease in a project that could build 26,000 houses and create 100,000 jobs. In general, property thinks that it can build 56,000 new houses in its portfolio, and planning applications already take more than 5,000.

Last year, a National Audit Office Report revealed that the Buckingham Palace Renewal Project was well managed, but the discovery of asbestos, which led to structural damage and cost increases, may be “predicted”.