Press Release
THE CROWN ESTATE IN SCOTLAND ANNOUNCES ANNUAL RESULTS
12 July 2007
The Crown Estate in Scotland today announces its annual financial figures for year ending 31 March 2007.
The value of The Crown Estate in Scotland has increased by 7% from last year to over £231 million, but net revenue surplus has fallen by £1.2 million (10.4%) to £10.3 million.
This represents 5.1% of The Crown Estate’s total UK net revenue surplus, which has risen by 4.9% to £200.1 million. All of this money is paid to the Treasury for the benefit of all UK taxpayers.
Ian Pritchard, Head of The Crown Estate’s Edinburgh office, said: “These financial results represent another successful year for The Crown Estate in Scotland where capital value has risen to £231 million. This reflects the commitment of our Edinburgh team, and colleagues and agents based throughout Scotland.
“The fish farm rent review resulted in changes in our cash flow which has seen an overall reduction in revenue in the 2006/07 financial year, while still generating £10.3 million for the benefit of UK taxpayers.”
On our marine estate we have been investing in the future development of fish farming and offshore renewable energy. On our rural estate we have been working closely with partner agencies to protect the environment, while promoting local economic development. And, on our urban estate we laid the groundwork for a major new investment. Although only comprising four commercial properties in Edinburgh, The Crown Estate’s urban portfolio in Scotland generated nearly one half of the total income.
Towards the end of March 2007 we took steps in forming a joint venture with Hercules Unit Trust (HUT) combining ownership of the FortKinnaird retail park outside Edinburgh with our ownership of two retail parks in England. The partnership, now up and running, is the first of its kind for The Crown Estate and gives us exposure to HUT’s 51,000 sq. m (550,000 sq. ft), FortKinnaird, one of the UK’s premier out-of-town retail locations. The deal also underlines The Crown Estate’s strategic commitment to grow and invest in its Scottish assets and significantly increases our overall investment in Scotland.
We also recently invested £320,000 into new developments at TobermoryHarbour, where we have purchased two pontoons which will be leased back to Tobermory Harbour Association who will in turn manage the asset, as part of a long-term agreement with us. This community development will further improve the harbour’s existing facilities and help attract additional leisure and tourism trade from the sailing community and will be in place for this summer’s sailing season. Part of our investment is a grant from our marine stewardship fund to help create a new information and education facility in the visitor centre at the harbour.
This year, The Crown Estate has produced a separate Scotland supplement to the annual report for the first time and it reflects our ongoing commitment to our customers and stakeholders in Scotland.
Speaking about the report for the UK, Ian Grant, Chairman and Scottish Commissioner of The Crown Estate added: “This year has been an excellent year for The Crown Estate, and as we complete our first year in our new offices, we have sent out a clear signal that The Crown Estate is a modern organisation which has at the heart of our business best working practice and clearly supports and values our employees by providing a good working environment.”
Further Information
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