Britain’s queen set for 5% raise on back of bumper real estate profits
By Laura Smith-Spark, CNN
June 27, 2013 — Updated 1143 GMT (1943 HKT)
Queen Elizabeth II looks on during a reception for the Royal National Institute for the Blind held at St James Palace in London on June 3, 2013.
STORY HIGHLIGHTS
- The Crown Estate manages a huge property portfolio for Queen Elizabeth II
- Its profits for the past year are up by 5.2% from the previous year
- Income comes from central London retail developments as well as rural property
- The profits go into the public purse, and the queen gets a grant equal to 15% of profits
London (CNN) — Britain’s Queen Elizabeth II can expect a sweet 5% raise next year, thanks in large part to record profits from real estate.
The Crown Estate, a public body that manages property for the monarch, posted a record profit of 252.6 million British pounds ($387.2 million) for the last financial year — up by 5.2% from last year.
The good news for the nation is that all the profit from the estate is paid into the public coffers.
Read: Queen Elizabeth II marks 60th anniversary of coronation
The queen is then paid a grant each year by the Treasury equal to 15% of the profit from two years before.
That means the monarch, who celebrated 60 years on the throne last year, will receive income of nearly 38 million pounds next year, according to the estate’s annual report, released Thursday.
The revenue for the Crown Estate comes from everything from chic central London stores to offshore wind farms and rural housing developments.
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Even U.S. retailer J. Crew helped swell its profits in the last year — it’s one of a number of international brands to open a new store on Regent Street, in the heart of London. Apple, Banana Republic and Anthropologie are three more of the big American firms to find a home on the Crown Estate-owned street.
As for energy production, about 300 new offshore wind turbines came on line over the year.
The estate manages almost all of Britain’s coastal waters and some of its finest parkland, including Windsor Great Park, by Windsor Castle.
It is also one of the country’s largest rural landowners, holding about 356,000 acres of agricultural land and forests, together with mineral resources, homes and commercial property.
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In the past year, it put 250,000 pounds into creating new mountain bike trails at the Glenlivet estate in Scotland and invested 1 million pounds to support coastal communities and care of the marine environment.
According to its website, the estate’s vision “is to be the UK’s most respected property business because of the way in which we manage this portfolio of assets on behalf of the nation.”
The estate is owned by the queen as monarch but is not her private property, meaning she has no direct control over it. The total portfolio is now valued at 8.1 billion pounds (nearly $12.4 billion).
The queen has her own private estate, which includes Balmoral, in Scotland, and Sandringham, her country retreat in Norfolk.
The Crown Estate’s record profits will be welcome news for the Treasury, as the government struggles to bring the nation’s debt and spending under control.
Chancellor of the Exchequer George Osborne announced more cuts to public spending Wednesday in his 2013 Spending Review.
CNN’s Susannah Palk contributed to this report.
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Britain’s Queen Elizabeth gets 5% raise
via Arne Ruhnau News http://arneruhnau.com/britains-queen-elizabeth-gets-5-raise/
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