By Jonathan Davies

The organisation which owns properties of behalf of the Queen has reported record profits of £285 million.

The Crown Estate, which owns historic assets like Regent Street, Window Great Park and the country's coastline, and shopping centres across the UK, saw profits rise 7% thanks to offshore wind farms and revenues from rent paid on offices and stores.

The Grant formula sees the Queen paid 15% of profits, which means the Royal family will receive an extra £2 million in funding, with the rest going to the Treasury.

As a result, the Queen will receive nearly £43m, almost 40% more than when the Sovereign Grant was introduced.

Alison Nimmo, chief executive of the Crown Estate, said: “Over ten years we have nearly doubled the value of the business by delivering world leading business destinations and 21st century retail experiences, driving investment in the UK’s renewable energy industry and actively managing one of the nation’s largest rural land portfolios.”