The Crown Estate has announced a net revenue profit of £1.1 billion for the UK, driven by the short-term option fees from Offshore Wind Leasing Round 4 ('Round 4'). This brings its total contribution to the Treasury to £5 billion over the past decade.
The passing of the Crown Estate Act 2025 in March 2025, granting new borrowing and investment powers, has significantly enhanced The Crown Estate’s ability to invest across its diverse portfolio to create financial, social and environmental value for the benefit of the UK.
The Crown Estate is well positioned to deliver continued long-term sustainable, cumulative growth through activities such as increasing offshore wind capacity to boost energy security; supporting nature recovery; investing in its rural portfolio; and forming new partnerships with the potential to expand its provision of science and technology space as well as its housing pipeline. These efforts aim to maximise its potential to have a positive impact across the country into the future.
2024/25 results and achievements summary:
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Net revenue profit of £1.1 billion, with the largest contribution from the third set of option fees from Round 4.
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Net asset value of £15.0 billion (2023/24: £15.5 billion) highlighting the resilience of the portfolio after the Marine valuation reduced by £1 billion, following the receipt of Round 4 option fees, as the Urban and Rural businesses both saw valuation increases.
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The group performed well demonstrating the value and resilience of the diversified businesses:
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Beyond Round 4, underlying revenues in Marine increased due to proactive management of its seabed cables, pipelines and interconnector leasing business.
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Accelerating the delivery of clean energy remained a top priority, with Round 4 and Round 5 both progressing, alongside a 4.7GW Capacity Increase Programme for existing wind farms.
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£400 million outlined for investment into vital port and supply chain infrastructure to further support the development of the UK’s world-leading offshore wind sector.
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The Urban business saw continued demand for its high-quality commercial space, with the London portfolio outperforming its bespoke MSCI commercial property benchmark by 1% and the Regional assets outperforming by 4%.
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One million sq ft of commercial space is being redeveloped and modernised in London as part of a £490 million development pipeline; and a partnership with Westminster City Council is set to transform the public realm of Regent Street, Haymarket and Piccadilly Circus. This is helping to decarbonise the portfolio, better serve customers’ needs and enhance London’s economic impact.
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Future potential for up to eight million sq ft commercial space will provide vital new workspace for science and innovation in strategic locations outside London, such as Oxford and Cambridge, including a proposed redevelopment of Cambridge Business Park with a Gross Development Value (GDV) of £1.5 billion, contributing to a new innovation ecosystem in North East Cambridge.
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Major 50/50 conditional joint venture with Lendlease announced in May 2025 to unlock delivery of housing and science and innovation space across six projects, with the potential to deliver more than 10 million sq ft of commercial space, 100,000 jobs, 26,000 homes and a potential GDV of up to £24 billion.
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Including the Lendlease joint venture with its existing pipeline, The Crown Estate has identified a potential of 56,000 new homes, with planning applications for more than 5,000 homes underway this year across its directly managed strategic land portfolio.
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Energy consumption across the real estate portfolio reduced by 20% against a 2021/22 baseline, thanks to a raft of proactive measures.
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15,000 acres of rural land are being managed through sector-leading Environmental Farm Business Tenancy agreements, which provide a way to balance environmental outcomes with a financially viable farming model.
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The publication of our Ambition for Nature, which sets out our commitments to drive nature recovery across the country.
Dan Labbad, Chief Executive Officer at The Crown Estate, said: 'Across our diverse portfolio, we are laying the foundations for dependable long-term growth — supporting housing delivery, advancing vital industries such as science and technology, promoting regenerative agriculture, and driving sustainable urban development. We are also strengthening the UK’s energy security by working closely with our customers and partners to bring stability to the offshore wind sector. Thanks to new legislation, we now have greater flexibility to invest across our portfolio, increasing our resilience and potential, and enabling us to create lasting benefits for the country and its finances.'
Creating value for the country: a more detailed breakdown of FY25 performance
All The Crown Estate’s net revenue profit is returned to the Treasury for public spending. For the second successive year, the Round 4 option fees delivered a significant short-term uplift. Looking ahead, income from Round 4 is expected to reduce to £25 million per year from January 2026 as projects move into construction phase. This will see net revenue profits progressively stabilise at more normalised levels. The underlying business delivered net revenue profit for 2024/25 of £366 million. Subject to market conditions, we expect the group to continue to grow, and its profits to increase accordingly, whilst further improving its sustainable impact across the UK.
Marine
Round 4 is expected to deliver up to 8GW of clean energy capacity, enough to power eight million homes. Meanwhile, the process for Round 5, which aims to establish the UK as a leader in floating offshore wind and generate up to 4.5GW, took a major step forward in June 2025 with Equinor and Gwynt Glas announced as the preferred bidders for two separate projects. Gwynt Glas is a joint venture between EDF Renewables UK and ESB. The Crown Estate is progressing a range of options for a third site to ensure the full potential capacity for Round 5 is delivered.
Additionally, the company’s Capacity Increase Programme stands to add up to a further 4.7GW to the current 12GW capacity of existing wind farms around England and Wales. In total, the potential offshore wind pipeline around England, Wales and Northern Ireland now stands at 50GW, and includes nearly 17GW currently in planning or consented and 13GW either under construction or in receipt of a contract for difference.
The valuation of the Marine portfolio, which had increased materially in anticipation of Round 4 option fees, reduced as this income was recognised, returning to £3.4 billion (2023/24: £4.4 billion). However, as demand for seabed space grows, not only for renewable energy projects but for assets such as data cables and electricity interconnectors, the Marine business is expected to deliver steady returns.
Urban
The Urban Real Estate business performed in line with expectations, with London assets now valued at £7.1 billion (2023/24: £6.9 billion) and the Regional portfolio at £1.5 billion (2023/24: £1.4 billion).
An ambitious development pipeline offers the opportunity to create more than nine million sq ft of commercial space across the country. This includes supporting high-growth sectors with projects such as a mixed-use regeneration project at Cambridge Business Park that will include The Crown Estate’s first lab space and will contribute to a new innovation district in Northeast Cambridge. The development forms part of a long-term commitment to invest £1.5 billion in science, technology and innovation nationally.
Investing in the future of London through transforming the historic route between Regent’s Park and St James’s Park will connect communities, enhance biodiversity and London’s economic impact. This includes adapting buildings to be carbon-efficient, which is vital to The Crown Estate’s long-term decarbonisation plans and the financial future of the Real Estate business. One million sq ft of space in London is being modernised and retrofitted to both reduce buildings’ carbon footprint and increase their appeal to customers. Measures deployed across the real estate portfolio reduced energy consumption by 20% against a 2021/22 baseline.
Amid a national housing shortage, Urban’s directly managed strategic land portfolio has the capacity to deliver up to 30,000 new homes, with planning applications now underway for more than 5,000. New approaches to design and construction are being tested with the supply chain at demonstration projects in Bedfordshire and Cheshire. These aim to help reduce embodied carbon, improve energy efficiency, and lower the running costs of homes.
Rural
Having published its Ambition for Nature during the year, The Crown Estate is delivering on its goals to protect and restore nature in partnership with others – including rural farmers, who have now planted about 200 miles of new hedgerows and 700 acres of woodland with support from The Crown Estate’s £20m Rural Environment Fund.
Some 15,000 acres of rural land are now being managed under groundbreaking Environmental Farm Business Tenancy agreements, which offer farmers greater stability and diversification amid challenging times for agriculture.
The Windsor Estate, which hosts over 5 million visitors a year, is implementing an ambitious landscape replanting and restoration programme, planting more than 2,000 trees and 30,000 plants in 2024/25.
Find out more in our annual report
Source: The Crown Estate
