The decision by Prince William to redirect the £1.5 million annual rent from Dartmoor Prison to a community regeneration fund marks a significant shift in his approach to the Duchy of Cornwall's finances. For years, as Prince of Wales, he has personally benefited from the profits generated by the vast landed estate, which now stands at 51,800 hectares across 19 counties. However, this change of heart comes as Princetown, Devon, faces an uncertain future following the prison's closure due to elevated radon levels in July 2024.
Dartmoor Prison, a Category C facility, has been vacant since its closure and the impact on the local community is being felt. Residents and businesses in Princetown have long relied on the prison as a central part of their social and economic fabric, making this decision a crucial lifeline for those affected.
The £37 million deal signed between the Duchy of Cornwall and the Ministry of Justice in 2022 will continue to provide annual payments of £1.5 million over a 25-year period. The Duchy also has an arrangement with the Ministry of Defence for military training on Dartmoor land, ensuring that the estate remains a significant contributor to local employment opportunities.
Prince William's decision to redirect the rent is part of his efforts to address the concerns surrounding Princetown's economic stability and employment prospects. A community-led regeneration fund is scheduled to launch next year, aiming to deliver social, economic, and environmental benefits to the town. According to Ian Patrick, Prince William's private secretary, the Duke believes that the income should remain within the community to help local people shape their future.