It is believed this will allow him to invest £500 million in tackling the housing and nature crises, as revealed by The Times. This investment will reportedly be made in areas such as the Isles of Scilly, Cornwall, Dartmoor, the Bath area and Kennington, and south London.
This is because this is reportedly where William, 43, feels he can make the biggest positive impact.
As reported by The Times, Will Bax, chief executive of the duchy, said an era of change was on the way as Prince William is keen to tackle big issues on the estate, which brings him a hefty private income each year from the profits, which usually exceed £20 million.
It is believed that by selling a fifth of the land, William wants to use the money to invest in housing specifically, including investing around £160 million for affordable homes in the Isles of Scilly, Cornwall and Kennington.
Bax said it is hoped the duchy will “unlock about 10,000 to 12,000 homes between now and 2040”.
It is believed that there will also be a reinvestment of money into workplaces, as well as environmental recovery schemes, with a goal to build 100MW of renewable energy.
This reported reinvestment comes just months after The Times revealed in March that the duchy was selling ten tenant farms on the Bradninch estate in Devon.
It is believed this was because the duchy was committed to giving tenant farmers “the opportunity to step into ownership, on terms that are significantly advantageous to market terms”.
Bax said all ten were “engaged in a conversation around buying their farm” and he believed most of them would.
Prince William is very passionate about the duchy estate, and makes both public and private visits to areas of it every year.
The private estate was established by Edward III in 1337 to provide an income for the heir to the throne.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.express.co.uk ’
