Ian Grant, chairman of The Crown Estate, said: "These are excellent results and not only reflect improved market conditions, but also the continued improvements in the efficiency of our operations. Increased efficiency has been coupled with greater focus on improved customer service to ensure our desire to be regarded as 'the landlord of choice' is not merely an ambition, but becomes the accepted norm."

Our marine estate provided a gross revenue contribution of £33.5m, a 4% increase over last year. The capital value of the whole marine estate declined by £1m to £300m, but the coastal estate performed well to increase in capital value by 6%.