The company handles the business affairs of the Duke of Northumberland and his family
The business wing of the Duke of Northumberland and the Percy family has announced a rise in both turnover and profits as it continued its development activities.
The Northumberland Estates has released accounts for the year ending March 31 which show that revenue rose from £18.4m a year earlier to £19.6m. Though operating profits fell, coming in at £9.5m, other forms of profitability outlined in the accounts increased significantly.
The Alnwick company is focused on commercial and residential property investment and development, making its money through rental income in Europe, the UK and the US, and UK property development.
It said that it had maximised rental income from the re-gearing of leases, attracting tenants to vacant units, and relocating and reconfiguring spaces for existing tenants.
An ongoing review of the property portfolio had seen it develop a number of properties in the UK and abroad, it said, with core assets held for rental income while others are realised or redeveloped. The year covered by the accounts had seen it develop a strengthened balance sheet, it said.
CEO Rory Wilson said: “Our published accounts show an increase in profit driven by both sustained demand and the successful delivery of key development projects.
“During the period, we completed several significant schemes, including the addition of Next and B&M at Willowburn Retail Park in Alnwick.
“We also completed the first phase of development at Wynyard Retail and Trade Park in Teesside, which is now operational and features a strong line-up of occupiers, including Sainsbury’s, Howdens, Dove, Screwfix, Burger King, and Starbucks.
“Although development activity is inherently cyclical, our continued investment in high-quality retail and trade parks reflects our long-term strategy and we remain committed to delivering projects that support local economies, attract national occupiers, and create sustainable value for all stakeholders.”
The firm’s accounts said that it is “continually looking at its impact on the community and environment”. Those responsibilities include using building materials that has been quarried from local site and time cut from its own local forests. It also aims to reduce its carbon footprint and prioritise local employment.
Staff numbers remained broadly similar at 24 while a dividend of £5m was paid during the year. The same amount was paid a year previously.
