A BUSINESS organisation which owns the UK's seabed, and has links to the monarchy, is not all at sea when it comes to making money, including in Worcester.

The Crown Estate, which can trace its history back to William the Conqueror and 1066, has announced another record breaking year, with a £285 million return for public finances.

The Crown Estate belongs nominally to the monarch, although it is not the Queen's private property and it cannot be sold by her.

In Worcester, the estate owns the Crowngate Shopping Centre, and a spokesman said: "Over the past 12 months The Crown Estate has continued to improve Crowngate’s offering, securing five new tenants, including Wildwood, Bill’s Restaurant and JoJo Maman Bebe and it has acquired the long leasehold interest for the New Look building at 35-40 Friary Walk."

Such expansion has helped the Crown Estate portfolio value "to hit an all time high", with assets the length and breadth of the British Isles.

A record return to Treasury for the benefit of the public finances, at £285.1m, was up 6.7% on the previous year and 50% up over ten years.

Capital value was at a historic high of £11.5 billion, up 16.1%.

Property value was £11.0 billion, up 16.7%

Sir Stuart Hampson, Chairman of The Crown Estate said: “The Crown Estate has raised the bar with another year of record breaking profits. These results prove that our long term outlook and active asset management in our core sectors continue to ensure that The Crown Estate remains an outstanding UK success story.”

The Crown Estate is an independent commercial business, established by Act of Parliament.

Its portfolio is one of the most diverse anywhere in the world, including some of the UK’s most iconic assets, including the UK seabed, to 12 nautical miles out; all of Regent Street and much of St James’s in central London.

The estate's business focus takes in Central London’s West End, prime regional retail, rural land and offshore wind power.