PUBLISHED: 14:25, Fri, Sep 18, 2020 | UPDATED: 15:08, Fri, Sep 18, 2020
Shock figures show land and property belonging to the monarch's Crown Estate, including London’s Regents Street, St James’s and retail parks across the UK, have fallen in value by £552.5million as rental income from shops falls following the UK lockdown to fight the COVID-19 crisis. The monarch’s empire is now worth £13.4billion, according to annual figures published today.
Before March, when the UK went into a nationwide lockdown, the estate had enjoyed profits of £345million.
Profits go to the Treasury, which is then passed back to the Firm in the form of a Sovereign Grant.
But recent figures show the Crown Estates has managed to collect just 52 percent of rents from retail tenants in central London and 53 percent outside the capital this year.
The Queen's estate has lost millions, according to the latest figures (Image: GETTY )
by £552.5million as rental income from shops falls following the UK lockdown to fight the COVID-19 crisis. The monarch’s empire is now worth £13.4billion, according to annual figures (Image: GETTY )
The rental income from officers in central London is 88 percent.
However Dan Labbad, the Crown Estate's chief executive, said things were looking up.
He added: “We've seen most of our retail and food and beverage come back and want to open where they are still trading.
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The Queen's estate includes Regents Street (Image: GETTY )
“There have been a number of company voluntary arrangements (CVAs) and administrations.”