Prince William unveils £500m plan to sell 20% of Duchy of Cornwall

Prince William has revealed plans to sell a portion of the Duchy of Cornwall over the next ten years, aiming to invest £500 million to tackle housing shortages and improve environmental conditions.

William, who became the 25th Duke of Cornwall following his father's accession to the throne, inherited a portfolio of land, property, and investments valued at over £1 billion.

The duchy yields an annual private income close to £23 million for the prince, supporting the charitable activities and personal lives of William, the Princess of Wales, and their three children.

As reported by The Times, the significant investment will be realised through property sales, development revenues, partnerships, and loans.

The prince plans to focus his assets on five main areas: the Isles of Scilly, Cornwall, Dartmoor, the Bath vicinity, and Kennington in South London.

Will Bax, the duchy's chief executive, articulated the reasoning behind the major overhaul.

"If there's no potential for a beneficial impact, then perhaps our involvement isn't necessary for that area," Mr Bax commented.

He further stated: "But in areas of social need and environmental challenges, where we can effect change, we aim to be a supportive partner in collaborating with the community towards those goals."

Mr Bax mentioned to the publication that William decided the duchy's purpose should extend beyond merely owning land.

"It should fundamentally exist to positively influence the world," he asserted.

Nonetheless, the plans for restructuring have not been without controversy.

In March, tenants at the Bradninch estate near Cullompton in Devon expressed feeling "extremely anxious" upon hearing of the intent to market land that has belonged to the duchy for many centuries.

Addressing these matters, Mr Bax stated that all ten tenants at Bradninch are actively "in discussions about acquiring their farms".

The chief executive expressed optimism that most affected farmers would eventually become owners of their properties.

The sales are part of a wider strategy to withdraw from areas with limited potential for positive impact, while reinvesting profits into locations where William believes the estate can bring about meaningful social and environmental improvements.