The Grosvenor Group hit the headlines earlier this year, when its exclusive 77 Grosvenor Street property set a record for commercial rent in the UK, costing £120 a square foot - thought to be the highest in the world.
The group, whose assets include the Grosvenor family's traditional holdings in Mayfair, Belgravia and Knightsbridge, said its properties shot up last year from £3.73bn to £4.59bn.
Profits before tax grew by 38 per cent to £508.7m, despite a £140m hit due to its ambitious city centre regeneration project Liverpool One, which has been set back by a series of delays.
The group said it was still on course with its aims to finish the retail and catering spaces on the 42-acre site next year, with the residential properties set for completion by the end of 2009.
The group reported total assets under management increased by 21 per cent to £11bn in 2006, including growth in its third party fund management business.
The results were the last with the Duke of Westminster as chairman of the board, although he will remain chairman of the trustees.
He will step down after 33 years in the position on May 1, handing the role to the Earl of Home, David Home.
The Duke, who is said to be the third richest man in the UK, said: "I can look back over 33 years on big changes in markets and circumstances, to which we have responded with a balance of care and ambition. We have become more outward facing and conscious that our success stems ultimately from our ability to meet the expectations of the occupiers of our properties."
The group now has properties across Canada, America, Australia and Hong Kong. All shares are owned by trusts set up for the benefit of the Grosvenor family.
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