Home News How a man called Alastair Martin helped increase the value of Prince William’s property empire by $350 million in less than a decade

How a man called Alastair Martin helped increase the value of Prince William’s property empire by $350 million in less than a decade

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Prince William inherited an increasingly commercial $1.3 billion real estate empire.Samir Hussein/Getty Images

  • Prince William inherited a real estate empire worth $1.2 billion from his father, Charles III.

  • Over the past nine years, the Principality of Cornwall’s assets have increased in value by $350 million.

  • Alastair Martin has overseen the expansion of the Principality’s commercial activities since joining in 2013.

Now that William has become Prince of Wales after his father became King Charles III, he is the proud owner of an empire worth just over £1 billion ($1.2 billion). Latest annual report.

Owned by the Duchy of Cornwall 600+ residences With around 3,000 tenants on over 52,000 hectares, it made a profit of £23m ($26.5m) last year.

It also includes an experimental urban community called pound berry Advocated by Charles, it sells produce grown on the farm.

about most of it Nearly 700 years old, the principality passively enjoyed the income generated by owning land. That started to change when Charles came of age and took his responsibilities more seriously.

Marlene Koenig, an academic librarian who writes about the royal family, told Insider:

The new king reaps the benefits of the principality thanks to the efforts of 190 employees and a CEO-like figure called Alastair Martin.

aggressive development

Since 2013 Martin has been Secretary and Record Keeper for the Duchy of Cornwall. During that time, his net worth increased by 44% as he built new properties and enjoyed an overall rise in property values. England.

is a chartered surveyor, Real Estate Consultant Carter Jonas Before joining the Principality, I am fully aware that the Group is a commercial enterprise.

“I wouldn’t say profit is a dirty word. It’s why we exist,” Martin said of the Principality in 2021. conversation with the Royal College of Agriculture.

when he took over record show The principality made a profit of £28 million ($32 million) on assets worth £763 million ($880 million).

Since then, income from commercial activity and the sale of goods has increased by about £5 million ($5.8 million), while agricultural income has changed little.

The expansion appears to have been driven by principalities that added to longstanding assets such as the Oval Cricket Ground in south London, Dartmoor Gaol and the Isles of Scilly. Last year, the property bought properties worth £42m ($48.5m), including several residential developments.

The Oval Cricket Ground in south London is part of the Principality of Cornwall.

The Oval Cricket Ground in south London is part of the Principality of Cornwall.Alex Davidson/Getty Images

The principality also sold 500 hectares of land for £71 million.

But increased activity has also meant that operating costs have doubled, with the principality now spending more than £6m ($6.9m) on wage bills.reference to Promoting the Principality to Net Zero is also mounted.

In addition to his personal environmental commitments, Martin says Charles was more generally “very hands-on” about how the principality should invest its funds.

“He has met all of our major tenants…I have regular briefings with him.” Martin said in the ITV documentary 2019.

William is expected to do something similar hands-on approach After taking over the responsibilities of the principality.even in the real estate market Preparing for recessionthe principality was able to continue its expansion drive.

Martin was not available for an interview and the Duchy of Cornwall declined to comment.

Read the original article at business insider

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