Alnwick additions help Duke's property empire

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.

- GRAEME WHITFIELD

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.