Prince William of Wales hopes to solve the housing and nature crises with a major investment tied to his royal estate. Reports suggest that the heir apparent to the British throne plans to sell a portion of the Duchy of Cornwall within a decade to generate funds for the move.
Prince William is planning to sell parts of Royal estate
Prince William is reportedly planning to sell 20 percent of the Duchy of Cornwall in the next ten years. He has owned the private estate, worth roughly $1.5 billion, since his father, King Charles III, became the monarch in 2022. Notably, he has earned approximately $27 million annually from the property.
As per The Times, the Duke of Cambridge is going to consolidate his holdings around five important “heartlands.” These include the Isles of Scilly, Cornwall, Dartmoor, the Bath area, and Kennington. This stems from William’s goal in investing in local affordable housing and environmental projects in those areas, where he believes he can make the biggest difference, socially and environmentally.
Will Bax, the Duchy’s chief executive, promised the next ten years would be “an era of change” while addressing William’s decision about its purpose. He recalled the Prince saying it “shouldn’t just exist to own land. It should first and foremost exist to have a positive impact on the world.”
Bax shared that William planned to invest $670 million into his priorities for the next 10 years. The amount consists of money from land sales, development income, partnerships, and borrowing. As part of his investment plans, roughly $215 million is going to housing solutions. This includes affordable homes in the Isles of Scilly, Cornwall, and Kennington.
Moreover, the Duchy seeks to create 10,000-12,000 homes between the present day and 2040. According to Bax, this will be done through a “portfolio of land owned on urban fringe locations.”
Furthermore, the Duchy will underwrite $161 million of reinvestment into workplaces and places to “create economy.” This will ensure the growth of the industrial park in St. Mary’s twofold. It will also help enable entrepreneurship in Dartmoor, so youngsters can secure an economic future in the national park.
Plans also include building a 100MW renewable energy project to sustain 100,000 homes. Additionally, about $27 million is being invested in environmental recovery schemes. Meanwhile, the Duchy will join forces with partners like wildlife trusts and the Department for Environment, Food, and Rural Affairs to leverage over roughly $268 million into wildlife projects.
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