Taking the long view
The Duchy of Lancaster is an ancient organisation with a firm commitment to the future. The management of the Duchy’s assets is undertaken with the objective of providing a sustainable and growing income to The Queen, Duke of Lancaster, while preserving capital for future Dukes, and conserving the land for tenants and visitors.

Ongoing investment
Within the Duchy of Lancaster, tenants and landlord are partners sharing mutual interests. The success of tenants’ businesses underpins the performance of the asset, and the viability of investment and improvements. Successful tenants will ensure the continuity of the Duchy for future generations, creating a virtuous circle. Accordingly, a significant portion of the Duchy’s annual income is reinvested in improving land and properties for the benefit of tenants.

Commercial best practice
As a landlord, the Duchy aspires to the highest standards. The Duchy has adopted the Protocol for Commercial Leases, the code of good practice for commercial leases developed by the Investment Property Forum. The code sets out 23 areas within which landlords and tenants negotiate a business tenancy, including finances, lease duration, rent reviews, repairs and dispute resolution. For more information, visit the website of the Investment Property Forum.

Supporting tenants
The partnership between the Duchy and its tenants extends beyond the contractual. Much of the land owned by the Duchy of Lancaster is used for agriculture, a sector affected in recent years by crises including BSE and foot-and-mouth disease. Practical guidance is available for individual tenants from local managing agents, the Rural Surveyor of Lands and other members of the Duchy’s London-based office. The Duchy’s relationship with tenants continues to the end of their tenancy. The Tenant Farmers’ Retirement Fund, for example, was set up by the Duchy to help older tenant farmers make the transition to retirement with dignity.

Enterprise and evolution
Nurturing new business is a priority. Diversification is particularly important in rural areas, where it can supplement farming activities. The Duchy is responsive to tenants’ suggestions, working with them to introduce innovations which benefit tenant, estate and community. Enterprises currently in operation on Duchy lands include holiday cottages, camping barns, a fish farm, a specialist wine shop and various types of equestrian centres. One of the historic properties is even marketed for use as a film and television location.

Protecting the environment
Duchy lands encompass areas of outstanding natural beauty. The Duchy of Lancaster endeavours to protect the quality of the land, while respecting the commercial needs of tenants. Land use is monitored by the Duchy’s management agents to ensure that activities will not impair soil quality, and a number of farms have adopted organic farming methods. Sustainability in energy and resources is encouraged in investment and operational property owned by the Duchy.

Sustaining communities
As a major owner of agricultural land, the Duchy of Lancaster has a long-term commitment to the rural community. Although the strategy and asset allocation of the Duchy’s portfolio are subject to rigorous reviews, the Duchy remains committed to supporting its core rural estates through difficult times. It is actively seeking ways in which it can assist in diversifying its own income as well as that of agricultural tenants, to create sustainable rural estates.

Ensuring accessibility
The Duchy includes many historic properties. Most of the castles are leased or entrusted to guardians responsible for managing visitor access and providing interpretation. On rural holdings, tenants are aware of their statutory responsibility for maintaining public footpaths and keeping bridleways open for public access. Permissive paths are provided.