The organisation that jointly owns Oxford’s Westgate Centre announced a record profit of £285m over the past year.

The Crown Estate, which manages property and land owned by the Queen, pictured, pumps all its profits back into the Treasury.

In an annual report released yesterday, The Crown Estate revealed a record-breaking year’s profit of £285.1m – up 6.7 per cent on last year.

The organisation co-owns the the £440m Westgate development with Land Securities, as well as the Banbury Gateway site, where work has started on a new £80m shopping park by the M40 which is expected to be completed by the end of the year.