Prince of Wales to sell 20% of property portfolio in £500m raise

Will Bax, chief executive of the Duchy of Cornwall, said the Prince of Wales has taken the view that the estate “shouldn’t just exist to own land”, but should be used to generate wider social and environmental impact.

Speaking to The Times, Bax said that around a fifth of the estate would be sold where appropriate opportunities are identified, adding that decisions would be guided by whether the Duchy can play a meaningful role in supporting local needs or environmental priorities.

“If we don’t see an opportunity for positive impact, then perhaps we don’t need to be a part of that place,” he said. “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.”

Bax said the Prince intends to deploy around £500m, funded through a combination of land sales, development income, partnerships and borrowing, into priority programmes linked to housing and environmental objectives.

The plans come after some Duchy tenants on the Bradninch estate in Devon raised concerns earlier this year about proposals to sell land in the area. The estate, near Cullompton, has been part of the Duchy for centuries.

Bax said discussions were ongoing with all 10 tenants affected, including options for them to purchase their farms, and indicated that most were expected to do so.