The Duchy of Lancaster is a private estate owned by His Majesty The King, as Duke of Lancaster. The rural estates consist of 44,748 acres of land in England and Wales and comprise commercial, agricultural and residential properties, the majority of which are in Lancashire, Yorkshire, Cheshire, Staffordshire and Lincolnshire. Additionally the Duchy has a significant commercial property portfolio largely in the Savoy precinct off the Strand in London, a portfolio of financial investments and a small urban residential portfolio.