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Sandra Halliday Published
June 29, 2025
The Crown Estate — the biggest property owner in London’s West End — has reported its full-year results with net profit of £442.6 million.
Although technically owned by the monarch, the estate’s profits go the Treasury “for the nation’s finances”.
The company, whose properties include London fashion destination Regent Street, said net profit was £129.9 million higher than last year.
But its retail properties have clearly faced challenges. The valuation of the London portfolio fell by 6.5% to £7.2 billion. The company said “this is in line with the wider market as property valuations have been impacted by inflation, rising debt costs and economic uncertainty, which served to drive up yields”.
It saw 102 new lettings in the year, which have achieved rents of up to 4% above the estimated rental values on new leases.
Footfall in Regent Street has continued to rise and was up 39% on the prior year, although this is still 10% below the last pre-pandemic period in 2025.
But it also said that the value of the regional portfolio reduced by 11.8% to £1.5 billion. The primary cause of this was “the reversion of positive market sentiment that had been seen in out-of-town retail parks in the latter half of 2025, led by concerns about consumer spending and the impact of higher interest rates”. The portfolio underperformed its MSCI benchmark by a relative -1.3% this year, albeit with outperformance in the second half the year.
CEO Dan Labbad said: “Amid a further year of uncertainty and volatility, we have seen variations in performance across our business. However, our record return to the Treasury and our positive relative performance is testament to the resilience and strength of our diverse portfolio. Over the last 10 years, we have contributed £3.2 billion for the benefit of the nation’s finances through the active management of a portfolio that has doubled in value to nearly £16 billion.”