The Queen is getting £250,000 a year in rent payments

Last week we revealed the extent of the Queen’s annual income from her property portfolio and now it is being reported that she is renting out flats in St James’ Palace for the first time in history.

As reported in the Daily Mail, the British monarchy has decided to rent out two luxury apartments in St James’ Palace just off Pall Mall in London. One apartment, a four-bedroom maisonette, is expected to go on the market in July for a whopping £20,000 a month, just under £250,000 a year.

If you fancy moving in then you are welcome to apply but you will be subject to extensive background and security checks. Potential neighbours could include the Princess Royal, Princess Alexandra, Princess Beatrice and Princess Eugenie.

This isn’t the only apartment available to rent inside the Palace; last year another apartment entered the market that will set you back even more due to the fact that it is a bigger and more luxurious property. This larger property is spread over four floors and it has previously been the abode of the Royal’s members of staff.

It is believed that the apartments have been rented out with the intention of paying for repairs on St James’ Palace. This may be considered something of a surprise to those who read our previous article regarding the £43M that the Royal household is expected to receive from property income in 2016-2017.

The Mail is also claiming to have seen documents that suggest that there are also plans to rent out a third apartment in St James’ Palace.

For those of you who don’t know; St James’ Palace is the most senior royal palace in the UK and is located in the City of Westminster. Those who choose to reside in the palace will be living in the ceremonial meeting place of the Accession Council.

The residence was originally built by Henry VIII on the site of a leper hospital and it remained secondary in importance to the Palace of Whitehall for most of the Tudor and Stuarts monarchs. However, the palace increased in importance during the reigns of the early Georgian monarchy, but was seen as second best to Buckingham Palace in the late 18^th and early 19^th centuries.