The Duke of Westminster’s enterprise (Grosvenor) reports profit after loss
Profit before tax for the past year amounted to £236 million (compared to a loss of £29 million in 2023).
Basic profit increased by 16% to reach £86 million.
Company portfolio:
It includes offices, apartments, and shops in prestigious London areas — Mayfair and Belgravia.
The main project is the South Molton Triangle residential complex, the largest mixed-use development in the West End, with the first phase valued at £200 million, being built by Skanska.
The complex will feature offices, retail spaces, a hotel, and leisure areas.
The portfolio also contains 700 affordable homes rented to the Peabody association and 500 homes for market rent.
Grosvenor Hart Homes, the affordable housing division, became a registered social housing provider last year.
Future plans:
Over the next decade, Grosvenor plans to deliver more than 750 homes, focusing on Chester and London.
Financial highlights:
The portfolio is valued at £8.2 billion, £400 million less than forecast due to the sale of 23% of shares in the Liverpool One shopping center.
Staff changes:
CEO Mark Preston will retire in September after 17 years in the role.
The new CEO will be James Raynor, current head of Grosvenor’s UK division.