Blenheim Estates property office entered the awards to increase awareness of its change of direction.

Property director Roger File said: "The award has increased awareness of what we are doing. It has increased people's knowledge of how the estate has restructured its property business."

The estate won the new Property and Construction award for its restructured property business, which has already developed 33 new homes and 20,000 sq fet of offices inside the estate, and is now planning to act as a conventional property developer, buying other land in Oxfordshire and beyond.

Mr File said: "We are looking at moving outside the bounds of the estate and act like any other property company."

The change of direction resulted from a decision five years ago by the estate's trustees that its property assets should be developed and the portfolio expanded.

"We will look at anything that's within a day's trip of Woodstock that will give us the yield we are looking for," said Mr File. "We are focusing on commercial property, but we will also look at residential developments - anything from new-build to management-intensive investments. We will compete along with other property developers."