Duchy of Cornwall to Sell 20% of Property Over 10 Years
The Duchy of Cornwall, which generates a private income exceeding £20 million annually for the Prince of Wales, plans to sell 20% of its property portfolio within the next decade.
The sale is expected to raise approximately £500 million, which will be reinvested into local communities, focusing on affordable housing and environmental initiatives, as initially reported by The Times.
The duchy's extensive property holdings cover 128,000 acres across 19 counties and are traditionally granted to the heir to the throne. Recently, there has been a push to prioritize "social impact" in the management of these assets.
"We're not the traditional landowner… we want to be more than that. There is so much good we can do. I'm trying to make sure I'm prioritising stuff that's going to make people's lives, living in those areas, better," said Prince William.
Criticism and Financial Implications
Norman Baker, a former Home Office minister and critic of royal finances, commented on the duchy's financial operations, describing it as a "royal fruit machine" where the prince "pulls the handle and gets a jackpot every time."
He said that the switch to more housing would not leave the duchy any worse off: "More houses, more tenants, more income," Mr Baker said.
Focus Areas and Strategic Shift
The duchy's new strategy emphasizes five key areas where it holds land: Bath, Cornwall, Dartmoor, Isles of Scilly, and Kennington in south London.
Rooted in medieval feudal land ownership, the duchy is undergoing an image transformation, emphasizing social value through affordable housing provision and environmental protection.
Chief executive Will Bax told The Times that the duchy "shouldn't just exist to own land. It should first and foremost exist to have a positive impact on the world".
Housing and Environmental Commitments
Prince William is also involved in a homelessness initiative called Homewards. The duchy plans to deliver an additional 12,000 homes by 2040, with about one-third designated as affordable housing, supported by a £161 million investment.
Additionally, £123 million will be allocated to developing workplaces, promoting rural employment, and supporting renewable energy projects, including expanding solar power in the southwest of England.
Transparency and Royal Finances
This strategic redirection coincides with increasing demands for greater transparency regarding royal finances.
Following the Andrew Mountbatten-Windsor scandal, calls for financial openness, particularly concerning royal property, have intensified.
The Sovereign Grant, which funds the Royal Household, is currently under review and is expected to be reduced for the first time since its introduction in 2012.
The grant is presently at a record high of nearly £138 million annually, primarily to cover building repairs at Buckingham Palace, but is anticipated to decrease next year.
Despite this likely one-off reduction, the Treasury has indicated it will maintain the "golden ratchet" mechanism for future years, allowing funding increases but preventing decreases. This policy will require approval by Members of Parliament through forthcoming legislation.
Impact of the Andrew Mountbatten-Windsor Scandal
Much of the information about the Andrew Mountbatten-Windsor scandal was revealed in Andrew Lownie's biography, Entitled, which is being reissued this week with new allegations.
Lownie stated that the scandal is prompting the royal family to acknowledge the necessity for greater financial transparency and welcomed the Duchy of Cornwall's recent initiatives.
"I am delighted by this first step - no doubt occasioned by much recent criticism of royal privilege and transparency - and hope they will be more open in future about their finances and archives," said Lownie.
here to get the latest royal stories and analysis every week with our Royal Watch newsletter. Those outside the UK can here.
