The business wing managing the affairs of the Duke of Northumberland and the Percy family has reported a rise in annual turnover, bolstered by the completion of significant retail and trade park developments.
Financial Performance and Portfolio Strategy
Accounts for the year ending 31 March reveal that Northumberland Estates increased its revenue to £19.6 million, up from £18.4 million the previous year. While operating profits were recorded at £9.5 million, the company highlighted a significant increase in other forms of profitability detailed within the accounts.
The Alnwick-based firm, which focuses on commercial and residential property investment across the UK, Europe, and the US, stated it had strengthened its balance sheet. A key strategy involved maximising rental income through renegotiating leases, filling vacant units, and reconfiguring spaces for existing tenants.
Key Development Projects Delivered
Chief Executive Rory Wilson pointed to the successful delivery of key projects as a primary driver for the profit increase. Major completions during the period included the addition of national retailers Next and B&M at the Willowburn Retail Park in Alnwick.
Furthermore, the company finished the first phase of the Wynyard Retail and Trade Park on Teesside. This scheme is now fully operational and hosts a strong line-up of occupiers, including:
- Sainsbury's
- Howdens
- Dove
- Screwfix
- Burger King
- Starbucks
Commitment to Community and Environment
In its published accounts, the estate emphasised its ongoing review of community and environmental impact. Its stated responsibilities include sourcing building materials from its own local quarries and forests, aiming to reduce its carbon footprint, and prioritising local employment.
Staff numbers remained steady at 24, and a dividend of £5 million was paid during the year, matching the payout from the preceding year.
Mr Wilson concluded that despite the cyclical nature of development, the company's continued investment in high-quality retail and trade parks reflects a long-term strategy. He affirmed a commitment to projects that support local economies, attract national brands, and create sustainable value for all stakeholders.
