Region part of an empire fit for a Queen
ROYAL LINK TO MAJOR NORTH EAST BUSINESSES AND PLACES
THERE’S a surprising royal connection to the leisure and retail life of the North East.
It turns out the Queen has an interest in many places in the region.
Her Majesty technically owns several key locations through the Royal Estate although the profits go to the Treasury.
We’ve been looking at the lucrative nature of the Royal Estate’s business interests here.
It has two major shopping centres but that’s not all. It has also has interest in farming, wind farms, and even a few houses.
The regional portfolio has contributed to £328.8m profits it was recently announced.
And the Crown is also coining it in through some Duchy of Lancaster properties in the wider North East - only this time she gets the money.
The Duchy of Lancaster is a private estate owned by the Queen and is charged with making as much money as possible.
Their rural estates consist of 18,433 hectares of land in England and Wales and comprise commercial, agricultural and residential properties. The Crown Estate in the North East includes:
THE GATE
The Crown Estate paid £60m for Newcastle’s popular leisure outlet in 2012.
All of the clubs, restaurants and leisure destinations pay rent to the Royal Estate.
Tenants include Empire Cinema, Frankie & Benny’s, TGI Friday’s and Tiger Tiger.
There is a whopping 2,500 square metres of space to rent out.
Also at the Gate is the North East’s popular casino, Aspers.
SILVERLINK
Silverlink was purchased in 2013 for £131m from LaSalle Investment Management.
It has 17 retail and one food unit, plus a 892-space car park.
Tenants include Marks and Spencer, Next, River Island, JD Sports, and H&M in 18,000 square metres.
A recent report from the regional portfolio said the business continues to extend its track record after an extension.
It said: “This has delivered 56,000 sq ft of space, with Next Home and Garden as anchor, and a developer’s profit of 75%.”
The site is set to benefit from extensive roadworks improving access.
ELLINGTON
The Crown Estate’s business interests in the North East are not just confined to retail.
It also has a 4,500-acre estate at Ellington, Northumberland, bought in 2014.
Assets includes agricultural land, farm buildings, 19 homes, and an operational 13-turbine wind farm leased to Scottish Power Renewables.
The estate was acquired as part of the development of the former Lynemouth aluminium plant.
BLYTH
The Crown Estate leases the location of two wind turbines at Blyth to energy company E.On.
It also plans to lease a windfarm to EDF with arrangements currently at the testing and demonstration stage of the leasing cycle.
WIND FARMS
The Estate has also given consent to lease out wind farms further out to sea including Lackenby A and B and Creyke Beck A and B in Dogger Bank.
This development could support hundreds of green jobs and power up to two million homes.
It is expected to be one of UK’s largest power generators, second only to the giant Drax coal-fired station in North Yorkshire. Duchy of Lancaster estate in the North East includes:
HARROGATE
This includes a care home, hotel and a school together with The Stray, which is 103 hectares of open space which formed part of the Tour de France route in 2014.
A new residential development has also been completed following the conversion of an 18th century property and the building of a new apartment complex.
QUARRIES
The Duchy has an extensive mineral portfolio extending from North Yorkshire to South Wales.
It consists of limestone and sandstone quarries, which supply material to the UK construction sector and a mine supplying gypsum to the cement industry.
The Duchy’s website says: “Whilst the previous four years had seen a decrease in activity in part due to the remote locations of the limestone and sandstone quarries the portfolio enjoyed a recovery in the year.”
CASTLES
The Duchy holds an interest in Pickering Castle, built for William the Conqueror and described as a well-preserved ruin, and Knaresborough Castle.
The ruins at Knaresborough, mostly dating from the fourteenth century, are open to the public.
SWANS AND STURGEON
There are plenty of swans in and around our parks and they’re also technically Royal property. The RSPB says: “The Queen has a prerogative over all swans in England and Wales”.
The Royal Family’s website says: “The Queen retains the right to claim ownership of any unmarked mute swan swimming in open waters; but this right is mainly exercised on certain stretches of the River Thames.”
Any whale, porpoise or sturgeon caught near the British coast is also a “Royal fish” belonging to the Crown. Any such catch would have to be offered to the Queen first.