Queen’s property manager says profits fell 22% in first year of pandemic

Crown estate's profits fell by nearly 76m in year to March despite offshore wind auction windfall

A historic offshore wind auction by the Queen's property manager, the crown estate, helped to counter a sharp drop in the value of its retail portfolio, but could not prevent a 22% decline in annual profits to 269m.

The crown estate, which manages the seabed around Britain as well as a vast land and property portfolio that includes Windsor Great Park and Regent Street and St James's district in London, said its profit for the year to March fell by nearly 76m from the year before, mainly due to a drop in its rent take.