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Opened in May last year, the Liverpool shopping development has been hit by £200 million in writedowns and has seen its value drop by over £165 million.
Group chief executive Mark Preston said the company's well-diversified portfolio has helped to cushion the impact of the loss.
"This is a challenging time for the property industry and inevitably Grosvenor has been affected," he commented.
The duke, who stood down as the chairman of Grosvenor's board in 2007 after more than three decades, is thought to be the third richest man in the UK.
Grosvenor are specialist developers, investors and fund managers in the residential, office and industrial property sectors.
The business also owns parts of Knightsbridge, Belgravia and Mayfair in London.
