Prince William is planning significant changes to the Duchy of Cornwall, according to reports.
The 25th Duke of Cornwall, who inherited the billion-pound estate after his father became King, is expected to sell off about a fifth of the estate over the next decade as part of a major £500 million reorganisation, it has been reported.
The Duchy spans 21 counties and generates a private income of nearly £23 million a year for the Prince of Wales and his family.
Will Bax, chief executive of the Duchy of Cornwall, told The Times: "The duke talks about the seesaw of ensuring that we create optionality, by being commercial where it's easier to be in order to really double down on need, where we know that we can be game changing in how we invest."
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The estate’s new focus will be on tackling climate change, expanding affordable housing, promoting renewable energy, and supporting rural communities.
The Prince plans to concentrate investment in five “heartlands,” believed to include Cornwall, the Isles of Scilly, Dartmoor, the Bath region, and Kennington in south London, it was reported.
It is unclear what this means for the Herefordshire estate, which covers a large swathe of land in south Herefordshire.
The estate in the county includes one 'focus farm', Lower Blakemere, where farmers Phil and Heather Gorringe and son Monty run a mixed farm alongside composting business Wriggly Wrigglers.
At Lower Blakemere, the family has altered their cultivation practices and crop inputs to improve soil organic matter and soil microbiology, including using a Johnson Su to create a compost tea rich in fungal and bacteria life, and bokashi in the cattle sheds to help break down cattle manure into a better compost and soil conditioner.
Mr Bax said the prince believes the Duchy should strive to do more than simply hold land, existing to have a positive impact.
As part of the strategy, the Duchy aims to enable the development of 10,000 to 12,000 new homes by 2040, including affordable housing in Cornwall, the Isles of Scilly, and south London, according to the report.
Other proposals include expanding industrial space on St Mary’s in the Isles of Scilly and supporting new business opportunities on Dartmoor to help young people stay in the area.
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