Rushden Lakes helps its owners have a strong year financially

Rushden Lakes
Rushden Lakes

The owners of Rushden Lakes have said the £140 million retail and leisure scheme has been one of its highlights from a strong financial year.

The Crown Estate has just announced income returned to the Treasury is £329.4 million, a four per cent increase on 2016/17.

Total return outperformance was driven primarily by the growing offshore wind portfolio and flagship retail lettings in Central London.

But The Crown Estate’s regional portfolio, which includes Rushden Lakes, also outperformed its market benchmark.

In its first year, Rushden Lakes has been successful with its unique mix of natural surroundings, wildlife and outdoor fun, together with shopping and dining.

Building on this initial success, work continues on future phases at Rushden Lakes, with the East Terrace due to open later this summer, and the West Terrace, which includes a 14-screen Cineworld cinema, 11 new restaurants and five leisure units including a climbing wall, indoor golf and trampolining, due to open in 2019.

Hannah Milne, director of regional at The Crown Estate, said: “The Crown Estate has had another strong year and the opening of Rushden Lakes was one of our highlights.

“Across the country, our focus is on creating brilliant places in the right locations, and Rushden Lakes is a fine example of this bespoke approach.

“Rushden Lakes is a destination like no other, attracting people locally and from further afield to enjoy a great day out.”

Robin Budenberg, chairman of The Crown Estate, said: “Once again the business has outperformed the market and delivered strong returns for the nation’s finances.

“It has been an exciting year and we have begun to pivot the business away from a traditional bricks and mortar approach towards a more customer-focused, services-based model, so we are well placed to take advantage of the trends that are transforming how people want to work, live and socialise in the future.”

Alison Nimmo, chief executive of The Crown Estate, said: “Our highly skilled team has delivered another great set of results this year, against a backdrop of a challenging and uncertain market.

“This success has been built on a disciplined focus on creating high-quality service and experiences for our customers in the best locations, and an approach to business that looks beyond short-term volatility to deliver long term, sustainable outperformance.”

The Crown Estate is an independent commercial business, created by an Act of Parliament, with a portfolio of UK buildings, shoreline, seabed, forestry, agriculture and common land.

Surplus revenue from the estate is paid each year to the Treasury for the benefit of the nation’s finances.