Tenants on a Devon estate have been left “enormously stressed” following plans by the Duchy of Cornwall to sell off land.
The Bradninch estate, situated near Cullompton, has been a part of the duchy for centuries and is now owned by the eldest son of the monarch.
As heir to the throne, Prince William inherited the estate – a vast portfolio of land, property, and investments valued at more than £1 billion – when his father became King.
The duchy provides William, the 25th Duke of Cornwall, with a private income of nearly £23 million each year.
This substantial sum is used to fund the charitable, private, and official lives of William, the Princess of Wales, and their children, Prince George, Princess Charlotte, and Prince Louis.
The duchy stated that the sales are part of an ongoing review into where it can make the “most social and environmental impact across our existing portfolio,” adding that tenants are being given the opportunity to purchase their farms.
Prince William inherited the Duchy of Cornwall when his father became king (Chris Jackson/PA)
In a letter to The Times newspaper, local resident John Palmer said: “This is unexpected and shocking news, and is enormously stressful for tenants and employees of the duchy estate.
“It is said that the tenants will have first option of buying their farms, some of which have been in the same family for generations.
“It will be difficult or impossible for some duchy tenants to raise the necessary capital in these financially challenging times for British farmers.”
George Dunn, chief executive of the Tenant Farmers Association (TFA), said: “The Tenant Farmers Association is aware of conversations currently live on the duchy’s Bradninch estate involving the duchy informing its tenants that it is selling that bit of its portfolio and giving the tenants first refusal before doing so.
“Obviously, the association is disappointed that the duchy is selling, but it is part of their current plans for rationalisation and, in the world of the second best, the TFA is pleased, at least, to see that sitting tenants are to be given first refusal on purchasing.
“The association has no reports of tenants receiving notices to quit.
“So, whilst unable to confirm or deny those reports, it might be occurring on farm business tenancy agreements where notice is available to the duchy so that it can sell with vacant possession if the sitting tenant is not interested in a purchase.
“Obviously, where the tenant is unable or unwilling to purchase the freehold, there will be a major upheaval in respect of their farm businesses given their expectation to have been tenants on those farms into the long term in light of the long-term nature of Duchy of Cornwall tenancies.”
Mid-Devon landscape, looking west across the Culm valley towards the small town of Bradninch
Will Bax, chief executive of the Duchy of Cornwall, said: “Over the past year, we have been reviewing where we can make the most social and environmental impact across our existing portfolio.
“We will be reinvesting significantly in areas where there is the greatest need and potential.
“To drive this social and environmental impact means making some very tough decisions.
“These decisions are made carefully and with a long-term view.
“With any sale, our priority is to manage the process with compassion and to give our tenants as much time and support as possible.
“Many of our farm tenants are telling us that they see this is an exciting opportunity for their families to buy their own properties for the first time.”