This is how Milton Keynes' Waitrose warehouse and B&Q store help fund Prince William and his family

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Both giant buildings are owned by the Duchy of Cornwall

Two large buildings in Milton Keynes are owned by the estate that funds Prince William and his family, it has been revealed.

Waitrose warehouse at Brinklow and the B&Q store at Rooksley were both purchased some years ago by the Duchy of Cornwall and their rental income provide a valuable boost to its billion pound portfolio of land and properties.

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The Duchy of Cornwall was run by Prince Charles, as part of his Duke of Cornwall title, until he day he became King.

The Waitrose warehouse at BrinklowThe Waitrose warehouse at Brinklow
The Waitrose warehouse at Brinklow

It has now passed to the new Duke of Cornwall, his eldest son Prince William, who also inherited the Prince of Wales title.

The income generated by the Duchy of Cornwall estate funds the public, charitable and private activities of current Duke and his family. And the aim is "to improve the estate and pass it to the next generation in a stronger and better condition", explains the Duchy website.

Only 13 per cent of the Duchy estate is located in Cornwall. The rest can be found across 23 counties in England and Wales, but mostly in the South West. Overall, it is worth approximately £1 billion.

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The first venture in Milton Keynes came in late 2011, when the Duchy spent £38m on a sprawling warehouse complex on the Brinklow industrial estate from an Anglo-Indian property fund, as part of a £102m series of confidential property deals .

The B&Q store at RooksleyThe B&Q store at Rooksley
The B&Q store at Rooksley

The tenants are Waitrose, who are using the depot as a national lorry distribution hub. There was a serious fire there last July, but the damage has now been repaired.

Meanwhile, in 2015, the Duchy of Cornwall announced the acquisition of a new property in Milton Keynes – a 117, 000 square foot store, on Patriot Drive in Rooksley, valued at £35m.

The store is let to B&Q.

Between 2011 and 2022 Charles reportedly increased the annual profits of the Duchy of Cornwall by 42.6% to £25.4 million. He even founded Duchy Originals in 1990 from his Highgrove House estate in Gloucestershire to market produce from his farm to sell in Waitrose stores all over the country. It's since grown into one of the largest organic food and drink brand in the UK

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According to the government, the Duke of Cornwall pays tax as agreed in the Memorandum of Understanding on Royal Taxation. He does not have to pay capital gains tax since he does not receive the Duchy's capital gains.

Although the Duchy is exempt from capital gains tax, the Duchy’s capital gains have to be reinvested in the business and cannot be distributed.

You can view the Duchy of Cornwall’s accounts and annual reports here.

Meanwhile, analysis for the Sunday Times Rich List shows King Charles has amassed a personal fortune of more than £600m during his years as Prince, making him wealthier than the late Queen.

According to Yahoo, he is likely to be placed in the top 250 most wealthy people in the UK in this year’s list, with his fortune already ranking him above the Beckhams and Elton John.