The holdings of the Duchy of Lancaster cover 18,454 hectares of land in England and Wales. Lands and properties are administered in five separate units known as Surveys.

There are five Rural Surveys, made up of land-holdings acquired at different stages by the Duchy over seven centuries. This process happened historically through marriage, inheritance, gift and confiscation, and takes place nowadays through purchase and sale.

In addition to the rural assets, the Duchy owns a number of retail and business properties in various cities. Together they form the Urban Survey. While rural holdings form the majority of the estate in terms of value and area, the commercial assets, particularly those in valuable locations such as central London, make the major contribution to the income of the Duchy.

The Duchy’s investment portfolio is subject to reviews of the overall strategy and asset allocation on a regular basis, rebalancing the holdings in the long-term interests of the whole estate.