The Prince of Wales has announced plans to sell a fifth of the Duchy of Cornwall over the coming decade, channelling £500 million into efforts to combat housing shortages and environmental degradation.
William, who became the 25th Duke of Cornwall when his father ascended to the throne, inherited an estate comprising land, property and investments worth in excess of £1 billion.
The duchy generates a private income approaching £23 million annually for the prince, funding the charitable work and personal lives of William, the Princess of Wales, and their three children.
According to The Times, which first reported the story, the substantial investment will be financed through property sales, development revenue, partnerships and borrowing.
The Prince of Wales has announced plans to sell a fifth of the Duchy of Cornwall over the coming decade, channelling £500 million into efforts to combat housing shortages and environmental degradation.
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The prince intends to concentrate his holdings across five key regions: the Isles of Scilly, Cornwall, Dartmoor, the Bath area and Kennington in south London.
Will Bax, the duchy’s chief executive, explained the rationale behind the significant restructuring.
“If we don’t see an opportunity for positive impact, then perhaps we don’t need to be a part of that place,” Mr Bax said.
He added: “But where there is social need and where there is environmental challenge and where there is an opportunity to enable change, then we’ll be a great partner in working with people to achieve that.”
William, who became the 25th Duke of Cornwall when his father ascended to the throne, inherited an estate comprising land, property and investments worth in excess of £1 billion.
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Mr Bax told the publication that William had determined the duchy “shouldn’t just exist to own land.
“It should first and foremost exist to have a positive impact on the world”.
However, the restructuring has not been without controversy.
In March, tenants at the Bradninch estate near Cullompton in Devon reported feeling “enormously stressed” after learning of plans to sell land on the property, which has been in the duchy’s possession for centuries.
The prince intends to concentrate his holdings across five key regions: the Isles of Scilly, Cornwall, Dartmoor, the Bath area and Kennington in south London.
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GETTY
Mr Bax addressed these concerns, saying that all ten tenants at Bradninch were currently “engaged in a conversation around buying their farm”.
The chief executive expressed confidence that most of the affected farmers would ultimately purchase their properties.
The sales form part of the broader strategy to divest from areas where the duchy sees limited scope for meaningful contribution, while reinvesting proceeds into regions where William believes the estate can drive genuine social and environmental change.