King Charles to receive £132m next year after crown estate makes £1.1bn profit | Crown estate

King Charles is expected to receive an official annual income of 132 million pounds STERLING next year, after his portfolio of land and goods has achieved more than 1 billion pounds sterling of profits thanks to a boom in the offshore wind sector.

The benefits of Crown Estate – which partially finance the monarchy – were stable at 1.1 billion pounds sterling during its financial year at the end of March, but double their level two years ago, at 442.6 million pounds sterling.

The Crown estate, as a legal owner of the seabed across England, the Wales and Northern Ireland, is responsible for the auctions of offshore wind rights. It benefited from the enormous growth of the industry, requiring heavy options for renewable energy developers to secure seabed areas to build their wind seeds.

The monarchy receives 12% of the profits from the Crown succession to finance its work, as well as the renovation of 369 million pounds sterling over 10 years of the Buckingham Palace. These costs were reduced by 25% in 2023 to compensate for the increase in profits from offshore wind projects.

According to the new calculation, King Charles is about to receive an official income of 132 million pounds sterling from the succession, at the same level as last year. The subsidy had remained stable at 86.3 million pounds sterling for the four years ago.

Dan Labbad, CEO of Crown Estate, said that the increase in profits in the past two years was a “short -term” phenomenon. “We expect this year to be the highest point of these yields … before the profits are normalizing,” he said.

Michael Stevens, the King of the King of the Private Sac, said that last year, the expected significant increase in the sovereign subsidy would be used to finance the final stages of the renovation of the Buckingham Palace. Once this is accomplished, he declared that “a reduction in the absolute amount of the sovereign subsidy will be sought as part of the examination of the royal trustee in 2026-27, through primary legislation”, to ensure that the work of the royal family “continues to be funded at an appropriate level”.

Overall, the Crown area, which also includes a portfolio of London properties and rural real estate, is now worth 15 billion pounds sterling, compared to 15.5 billion pounds Sterling last year. The assessment of the company’s marine part fell 1 billion pounds sterling this year at 3.4 billion pounds sterling.

Real estate assets in London were valued at 7.1 billion pounds sterling, compared to 6.9 billion pounds sterling the previous year. A large part of its portfolio in the capital is concentrated on Regent Street and St James’s, and includes Victory House, which houses the oldest Indian restaurant in London, Veeraswamy.

The Crown Estate also said that it was redeveloping around 93,000 square meters (1 million square feet) of commercial space in London as part of a pipeline of 490 million pounds Sterling, via a partnership with the municipal council of Westminster to transform Regent Street, Haymarket and Piccadilly Circus.

In May, the Crown Domaine agreed with a 50/50 conditional joint venture with the construction company Lendlease in a project that could build up to 26,000 houses and create 100,000 jobs. Overall, the succession thinks that it can build up to 56,000 new houses in its portfolio, with planning requests already underway for more than 5,000.

A report by the National Audit Office last year revealed that the Buckingham Palace renovation project had been well managed but structural damage and the discovery of asbestos, which caused cost increases, “could have been planned”.