Prince William's Duchy of Cornwall Announces £500 Million Investment Plan and Redirects Dartmoor Prison Rent to Local Community

The Duchy of Cornwall has published its 2026 Integrated Impact Report, setting out an ambitious new strategy with a £500 million ($630 million) investment over the next decade focused on five geographic "heartlands" across England.

Alongside the report's publication, the Prince of Wales has announced that £1.5 million ($1.9 million) a year in rent from the Dartmoor Prison site will be redirected to support Princetown and the surrounding area affected by the prison's closure—a significant gesture acknowledging the economic impact on the local community.

The report marks a pivotal moment for the Duchy, which provides the income for the Prince of Wales and his family. Rather than simply managing a property portfolio, the organization is positioning itself as what it calls "a world-leading impact organization" focused on delivering social and environmental benefits alongside financial returns.

Five Heartlands

The new strategy concentrates the Duchy's work in five heartlands: Cornwall, the Isles of Scilly, Dartmoor, Bath and surrounding areas, and Kennington in London. These are places where the Duchy has deep roots, a diverse mix of assets, and the ability to work with partners to deliver significant long-term change.

Across these heartlands, the Duchy will focus on responding to challenges facing local communities and landscapes—from creating new homes and supporting local economies to nature recovery, farming resilience, renewable energy, and reaching net zero emissions.

"Over the past year, we have created space for reflection, listening and discussion with partners, colleagues, tenants and those who challenge us," said Will Bax, Secretary and Keeper of the Records at the Duchy of Cornwall. "Through these conversations, a clear theme emerged: the Duchy has an opportunity to make bold decisions and use its assets, capital, and influence more deliberately to support positive social and environmental outcomes."

Dartmoor Prison Investment

The announcement regarding Dartmoor Prison rent is particularly notable. The Ministry of Justice holds a lease on the prison site, paying the Duchy £1.5 million annually. Rather than simply collecting this income, the Duchy will now invest it directly into the local community through a community-led regeneration fund.

The fund will be managed in partnership with the community and focused on delivering long-term social, economic, and environmental benefits—from supporting community facilities and local businesses to nature recovery across the area. Dartmoor is one of the five heartlands identified in the new strategy.

A Year of Progress

The report highlights significant achievements over the past year:

Housing: The Duchy welcomed buyers and renters into more than 1,000 homes across Poundbury (in Dorset, the model village initiated by King Charles when he was Prince of Wales) and Nansledan (in Cornwall). A new 2,500-home community at South East Faversham in Kent secured planning approval, including 900 affordable homes.

Isles of Scilly: The Duchy made a £2.95 million ($3.7 million) investment in essential-needs housing—its largest infrastructure investment on the islands in two decades. Ten new sustainable homes are now being built, with 20 more to come, for people who have lived on the islands for more than five years or who currently work there.

Homelessness: In Newquay, a project with St Petrocs and Homewards (the Prince of Wales's homelessness initiative), funded by The Duke of Cornwall's Charitable Foundation, has completed 16 independent and supported homes, with eight more to come. These are the first homes created by the Duchy to directly address homelessness.

Local Economy: In Nansledan, the Duchy approved over £20 million ($25 million) for Market Street, the new commercial heart of the community, providing 75,000 square feet (7,000 square meters) of retail, leisure, and workspace, supporting more than 20 businesses and creating over 100 jobs.

Environment: The Duchy invested £5.5 million ($6.9 million) across the estate in net zero, future farming, and woodland programs. On Dartmoor, the organization is working on a 20-year vision for landscape and nature recovery, alongside peatland restoration and a commitment to double the extent of Duchy-managed Atlantic rainforest by the early 2040s.

Farming: The Duchy celebrated its first net-zero Focus Farm at Tregooden Farm in Cornwall, part of a network of seven Focus Farms working to improve soil health, reduce inputs, and cut emissions.

Financial Position

For the year ended March 31, 2026, the Duchy reported a distributable surplus of £21.6 million ($27 million). While marginally down from the previous year, the Duchy said the dip reflects a deliberate strategic choice to invest significantly in building organizational capacity to deliver a more ambitious agenda.

"We see growing pressures on multiple fronts—from the need for good homes and stronger local economies to restoring nature and responding faster to climate change," said Bax. "In response, we are willing to take bold decisions to transform our communities and to do more, to go further and to make a meaningful difference, for generations to come."

The Duchy will continue to rebalance its portfolio over the next decade, enabling it to focus resources on places where it sees the greatest need and the strongest opportunity to deliver lasting social, environmental, and economic benefit.

The full 2026 Integrated Impact Report is available at duchyofcornwall.org.