London — Britain’s Queen Elizabeth II can expect a sweet five per cent raise next year, thanks in large part to record profits from real estate.
The Crown Estate, a public body that manages property for the monarch, posted a record profit of 252.6 million for the last financial year — up by 5.2 per cent from last year.
The good news for the nation is that all the profit from the estate is paid into the public coffers.
The queen is then paid a grant each year by the Treasury equal to 15 per cent of the profit from two years before.
That means the monarch, who celebrated 60 years on the throne last year, will receive income of nearly 38 million next year, according to the estate’s annual report, released yesterday.
The Crown Estate is owned by the queen as monarch but is not her private property, meaning she has no direct control over it. The total portfolio is now valued at 8.1 billion.
The estate’s revenue comes from everything from chic central London stores to offshore wind farms and rural housing developments.
Even UU retailer J. Crew helped swell its profits in the last year — it’s one of a number of international brands to open a new store on Regent Street, in the heart of London. Apple, Banana Republic and Anthropologie are three more of the big American firms to find a home on the Crown Estate-owned street.
As for energy production, about 300 new offshore wind turbines came on line over the year.
The estate manages almost all of Britain’s coastal waters and some of its finest parkland, including Windsor Great Park, by Windsor Castle.
It is also one of the country’s largest rural landowners, holding about 356,000 acres of agricultural land and forests, together with mineral resources, homes and commercial property. (CNN)
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