Regional

Our regional property portfolio is worth £1.5 billion, with investments principally in the retail sector, an area where we are specialist property managers. The portfolio also includes a range of industrial and office premises.

Overview

Regional overview

Our regional investments are principally in the retail sector where we think the long-term supply and demand dynamics are most favourable, and where we retain a competitive advantage as specialist property investors.

By value, retail properties represent over two thirds of the regional portfolio and we have recently invested over £430 million in retail properties outside of London. We own 13 retail parks in prime regional locations, including Leeds, Slough, Portsmouth, Harlow and Nottingham. Shopping centres are also a key part of the portfolio and we are part of two 50:50 joint venture partnerships with Land Securities at the Westgate Shopping Centre in Oxford, and the Princesshay Shopping Centre in Exeter.

While our regional investments are predominantly in the retail sector, a smaller exposure to office and industrial properties also plays a role in helping us deliver on our financial objectives. Within these holdings we own offices in Birmingham, Manchester, Edinburgh and Cambridge plus a number of industrial estates.

Across the country we work to clear and focused asset development business plans to enhance our holdings and improve our financial performance. At all times our approach to active asset management is grounded in our core values: commercialism, integrity and stewardship.

Retail

Regional retail

We manage high quality retail assets in prime locations across the UK. Between 2010 and 2011 we invested £430 million in retail property outside of London as part of a focused strategy to rebalance our urban portfolio. Our retail properties include 50 per cent interests in Westgate Shopping Centre in Oxford and Princesshay Shopping Centre in Exeter, and retail parks in Nottingham, Aintree, Hemel Hempstead and Portsmouth.

Our 13 retail parks provide retail space across the country, comprising over 200 units for tenants including B&Q, Argos, Next and Toys R Us. Our retail warehouse portfolio alone is valued at £860 million and contributes £50 million annually to our gross revenue surplus.

We take a long-term view to enhancing the value of our properties through active asset management, investment and development. Crucial to this is our focus on relationships with customers, and a partnership approach with retailers and local communities that is both professional and productive.

Westgate shopping centre, Oxford

We acquired the 30,000 m² (320,000 ft²) Westgate shopping centre in Oxford in 2010 and soon after established a 50:50 joint venture partnership with Land Securities.

Since 2010, the partnership has actively managed this asset, which is a key city centre scheme, seen locally as a major catalyst for economic growth. We are looking forward to developing it further in the coming years.

South Aylesford retail park, Maidstone

South Aylesford retail park is the most recent addition to our retail portfolio. In June 2011, we purchased the 15,515 m² (167,000 ft²) park, which counts Homebase, BHS Home and Halfords amongst its tenants.

Prominently situated just four miles to the north west of Maidstone town, we are keen to further develop this asset which is currently fully occupied.

Morfa shopping park, Swansea

The purchase of Morfa shopping park marked a significant milestone for The Crown Estate, pushing the retail element of our regional property portfolio to over £1 billion in value for the first time.

Housing names such as, TK Maxx, New Look, Peacocks and B&Q, the park further demonstrates our commitment to rebalancing our diverse retail portfolio.

Bath Road retail park, Slough

After securing Arcadia brand, Outfit, as a new tenant at Bath Road Retail Park in 2010, we are now exploring further property management initiatives to build on this success and attract similar fashion operators to take full advantage of the park's open A1 planning consent for fashion retailing.

Crown Point Shopping Park, Leeds

Together with our partner, Aviva Investors, we are adding three new retail units totalling about 6,000 m² (20,000 ft²). This new bulky goods development will complement the broader scheme, where tenants include Marks and Spencer, Next, TK Maxx, Boots and Mothercare.

Princesshay Shopping Centre, Exeter

We acquired a 50 per cent stake in the Princesshay Shopping Centre from Land Securities in 2009. This key investment is a 530,000 ft² city centre retail scheme anchored by Debenhams.

The Princesshay Shopping Centre is a high quality city centre project and we were pleased to have entered into another major joint venture partnership with an investor who shares our goals and long-term approach.

Offices

Regional offices

Including office blocks and parks across the country, many of our regional office holdings are in key city centre locations including Manchester, Birmingham and Edinburgh. The regional portfolio's office component is relatively small compared to its retail element.

Cambridge Business Park, Cambridge

Cambridge Business Park, located north east of Cambridge city centre, is the premier business campus in the area. It comprises high quality accommodation across 12 office and technology buildings and is supported by a proactive management team.

The park is the chosen environment for a unique community of pioneering technology companies, creative thinkers and professional practices, including the BBC, Jeyes, Cambridge Silicon Radio and Autonomy.

We developed over the past 25 years to include a total of 29,000 m2 (310,000 ft2) of office and research buildings. Recently we completed a refurbishment of Tennyson House, a two-storey headquarters style building, offering flexible accommodation and around 100 car parking spaces. Following a letting to Jeyes at Tennyson House, plans are now in place to refurbish the adjacent 1,500 m2 (16,000 ft2) Cavendish House to the same 'Grade A' standard.

St James House, Manchester

Manchester has emerged as one of the most cosmopolitan areas of the UK and in 1995 we purchased this 6,700 m2 (72,000 ft2) building, which principally comprises 6,250 m2 (67,500 ft2) of office space over six floors. The office space is fully let to KPMG and the building also includes three small retail units on the ground floor.

Industrial

Regional industrial

Our regional portfolio includes industrial warehousing and distribution holdings in Basildon, Norwich and Milton Keynes.

Our industrial assets are all subject to focused business plans that help drive the performance of our balanced regional portfolio of properties. To this end, in recent months we have also been working to maximise asset management activities and build strong and productive relationships with tenants.

Magna Park, Milton Keynes

This 60,400 m² (650,000 ft²) major distribution warehouse in Milton Keynes is let in its entirety to the John Lewis Partnership (John Lewis).

This asset benefits from its excellent location, with access to London, the South East and the Midlands. The park has been branded as one of the most sustainable logistics park in Europe and mirrors The Crown Estate's commitment to maintaining our high environmental standards.

Oxonian Industrial Estate, Oxford

The purchase of Oxonian Industrial Estate, Oxford, was part of a deal which saw The Crown Easte acquire a multi-estate industrial portfolio from SEGRO plc in 2008.

Oxonian Park comprises 12 high quality units in three terraces, providing 12,400 m² (133,800 ft²) and was acquired for its potential to provide asset management opportunities and positive rental growth prospects.

White Lodge Business Estate, Norwich

White Lodge Business Estate is Norwich's city's leading warehouse and trading park, located only two miles from the city centre.

The last 18 months have witnessed numerous new leases secured for companies such as Smartsmile, Howdens, Screwfix, Mencap, and BSS Group (Travis Perkins), testament to the strong asset management strategy in place.

Basildon Industrial Estate, Basildon

A high quality industrial estate comprising five units ranging from 840 m² to 1,900 m² (9,000 ft² - 20,000 ft²). Basildon is fully let and tenants include DCK Concessions, Costco and International Skandansk.