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Duke of Westminster’s property company reports 16% rise in profit

News30.05.25by Zainab Hussain

The Duke of Westminster’s property company, which includes hundreds of affordable homes, has reported a 16% rise in profit.

The Duke of Westminster standing in front of a Grosvenor Hart Homes sign

Grosvenor Hart Homes delivered 69 social homes in 2024

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The Duke of Westminster’s property company has reported a 16% rise in profit #UKhousing

In its 2024 results, Grosvenor reported underlying profits up 16.5% to £86.4m, driven by rising rental income.

The wider company, which bills itself as one of London’s “great estates”, owns £8.2bn of property including offices, flats and shops in Mayfair and Belgravia.

Its Mayfair estate includes 700 affordable homes, all let to housing association Peabody, and 500 market rent homes.

In January, Grosvenor sold a £306m stake in part of its Mayfair estate to Norway’s sovereign wealth fund. Late last year it sold a 23% stake in the Liverpool One shopping centre to Landsec.

The company also provided an update on its for-profit affordable housing provider, Grosvenor Hart Homes (GHH), which completed its registration with the Regulator of Social Housing in June 2024.

Chief executive Mark Preston will stand down in September after 17 years, handing the role to James Raynor, who is currently head of Grosvenor’s UK property division.

Grosvenor describes GHH as a social enterprise that provides affordable housing alongside support services.

Last year the for-profit provided social housing to 11 families and care leavers with its first pilot programme with Cheshire West and Chester Council.

The partnership delivered 29 newly refurbished flats and houses in Chester’s city centre at the beginning of 2024, and expanded its portfolio later in the year with 19 three-bed and 21 four-bed newly built properties in Ellesmere Port, Cheshire.

Over the next 10 years, GHH is looking to provide more than 750 homes alongside tailored intervention support, with a focus on Chester, the north-west of England and central London.

GHH’s support services include mental health and wellbeing support, job brokerage, a business start-up programme, life skills training and one-to-one support from a dedicated family assistant.

It prioritised locals who are not in education, employment or training, care-leavers or care-experienced people who support a looked-after child, and those with additional social, emotional, mental health or neurodevelopmental needs.

Helen Keenan, chief executive of GHH, said: “2024 was GHH’s first full year of operation, and I’m delighted by the progress we’ve made both in piloting our innovative, holistic model of outcomes-based housing and by the fantastic response we’ve received to date.”

She added: “In the year ahead, we will continue to grow our housing portfolio and expand our work to a wider range of partners to grow our impact and deliver to many more families and young people.”