The Queen’s property portfolio is delivering the royal family a record income as the property boom lifts real estate values.
The Crown Estate, the property company owned by the Head of State, generated a £285m profit in the year ending in March.
According to the Financial Times, this means the Queen, who after two years receives 15% of all profits from the Crown Estate, stands to gain £43m in 2017.
The Crown Estate hands all remaining profits to the Treasury.
The total value of all of the estate’s assets is now £11.5bn, a year on year rise of 16%.
In addition, public funding for the Queen – the sovereign wealth fund – is set to rise by £2m next year, to 42.8m.
Scotland going solo
Meanwhile, the property owned by the Crown Estate in Scotland is to be separated from the rest of the portfolio as part of Scottish devolution plans. A new property management vehicle is to be built, using existing staff, but it will be run by the Scottish government.
Will the Queen leave Buckingham Palace?
No. But she may have to temporarily move out, as, in the words of former Royal press secretary Dickie Arbiter, “bits of the palace keep falling off”, and maintenance works costing £150m need to be carried out.
Apparently the Queen’s official residence requires new plumbing and electrical wiring, and could do with some refurbishments, as it has not been redecorated since 1952.