“We continue to modernise as an organisation; increasing the efficiency of the way we and our managing agents operate and improving the quality of our customer service.”

Ian Grant
Chairman and First Commissioner

I am very pleased to report that The Crown Estate has delivered an annual revenue surplus of £190.8 million for the year ending 31 March 2006. This represents an increase of 3.2% for the year and this revenue is paid to HM Treasury for the benefit of UK taxpayers. The total capital value of the Estate is now £5,937 million, an increase of 16.6%.

Both the real terms increase in our profits and the growth in our capital value indicate a strong, confident financial performance. This success can be attributed to our investment strategy, that has led to exciting acquisitions and sales throughout the year and a commitment to invest in our existing diverse, high quality assets across the Estate. It also reflects good market conditions for the property sector and the dedication and efficiency of The Crown Estate’s employees.

We are confident that through our strategy this performance will continue into the future. Indeed, our total return performance, 21.6%, is in line with the Investment Property Databank (IPD) average of 20.6% (Quarterly Universe).

We continue to modernise as an organisation, increasing the efficiency of the way we and our managing agents operate and improving the quality of our customer service. At the end of the year, we moved into brand new open-plan headquarters on Regent Street. The building’s environment, excellent design and technology, balancing old and new, encapsulate the way we do business. We are not complacent about our good performance and we remain committed to our ambition of being a first class property company.

I am indebted to the energy, commitment and professionalism of my colleagues at The Crown Estate, across the country, in making this year such a successful one. Their knowledge and expertise are the foundations of our success, and I thank them for all their efforts.

Finally, the Board members continue to make a dedicated and meaningful contribution to the achievements of The Crown Estate, offering experience and insight that is invaluable to the organisation, and I am extremely grateful for all their work.

Ian Grant
Chairman and First Commissioner