Our Knowledge Centre combines a unique set of useful tools to assist ALL office movers. Use our moving guides, office space calculator, dynamic rental map and other tools to get an idea of what type of office your company needs. We’ll make sure you get there.
Register for FREE now and get full access.
The Crown Estate has delivered a substantial yearly return of 8.1% in a busy year that saw it complete sales, acquisitions and capital expenditure totalling £1.2 billion.
The value of the Crown Estate’s property holdings has also continued to rise, by 5.5% to £12.4 billion. The yearly returns at end of the financial year in March were well ahead, with a benchmark of 4.4%. Due to a strong and consistent performance, the Crown Estate is on course to notch up a record income return to HM Treasury of £328.8m, up 8.1% on the previous year.
Fraser Williams, one of London’s most influential Chartered Surveyors and Director at Morgan Pryce, says; “This is a great end to a fiscal year, despite Brexit and current political affairs, the Crown Estate has performed unlike other trophy assets”.
The institute has clarified that the key drivers for a momentous year included the lettings of the central London portfolio, totalling £34.4m a year, 8.6% ahead of estimated rateable values and sales of £507m, and 8.7% above paper value.
The Crown Estate’s Chief Executive, Alison Nimmo, explains that the business used the ‘fully-priced’ markets as a major net advantage and selling point. In 2016, it sold £633.2 million of stock and made purchases totalling £72.9 million.
In addition to their profit sales of £507 million, the Crown Estate made £353 million worth of acquisitions focused on central London, including the purchase of 117 Jermyn Street for £67 million.
Williams says; “The fiscal year was a success; but now the Crown Estate – as well as other institutions, such as Morgan Pryce – must take the necessary measures for a tough financial year ahead, because the market is changing”.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.