The Duchy of Cornwall is pleased to announce the acquisition of a new property in Milton Keynes. The purchase of a 117, 000 square foot store, situated on Patriot Drive in Rooksley, was completed on Thursday 13th August 2015. The store is let to B&Q.
The property is valued at £35million and follows the purchase of a distribution unit in nearby Brinklow in 2011. Both acquisitions reflect the Duchy's strategy to improve the balance within its overall property portfolio.
Including the new acquisition in Milton Keynes, the Duchy now owns 14 significant commercial properties held as standard investments but the majority of the estate consists of agricultural holdings, residential lettings and development sites such as Poundbury in Dorchester.
Writing for the Duchy's Annual Report this year, Secretary and Keeper of the Records, Alastair Martin said: "Over the next few years the Duchy aims to increase the revenue surplus at least in line with inflation. Given the economic difficulties facing the agricultural sector and the continuing need for forward-funded infrastructure at the Duchy’s key development sites, meeting this target will be challenging. Further diversification within the portfolio will be sought where possible to underpin revenue growth."
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