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The Urban Survey
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While rural holdings form the majority of the Duchy's holdings in terms of area, the commercial assets make a larger contribution to the income of the Duchy.
The commercial portfolio comprises an urban estate on the site of the old Savoy Palace, off the Strand, London, together with individual and groups of properties throughout England.
The main urban holding of the Duchy of Lancaster is the Savoy Estate. This is the single most valuable block of property in the Duchy of Lancaster. It has formed part of the Lancaster inheritance since 1284. Bounded by the Strand and the Embankment (but not including the Savoy Hotel), the buildings are let mainly as shops and offices. The Duchy of Lancaster Office is located on the Savoy lands, as it has been for many centuries.
North of London, a number of cottages and ground rents at Cockfosters and Hadley Wood remain from the Duchy's earlier ownership of Enfield Chase.
The Duchy also owns land and property in Harrogate and Knaresborough, managed separately from the Rural Surveys. The Harrogate estate includes shop and business properties, and 103 hectares of open space known as the Stray, which is managed by Harrogate Borough Council.
There are also holdings in Birmingham, Scarborough, Warrington, Rotherham and Stoke-on-Trent.
The urban portfolio is predominantly managed by the Duchy Office under the direction of the Urban Surveyor of Lands. Some assets are managed by local external agents, mainly in the North West of England.
The Urban Survey is the subject of some expansion to improve the overall income yield, a process which will continue over the years 2004-2007.
In addition to managing income-producing investments, the Urban Surveyor of Lands is responsible for investigating and promoting significant new development opportunities on rural and urban land held by the Duchy. These are developed directly by the Duchy or in partnership with external developers, or sold on to the open market to release funds for reinvestment.
The Duchy has adopted a holistic approach to the property portfolio, with an integrated urban and rural strategy. |
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