The company which manages the monarchy’s vast property interests is to kick off a search for its next chairman, firing the starting-gun on a race for one of the most prestigious posts in British real estate.

Sky News has learnt that The Crown Estate is working with headhunters at Korn Ferry on plans to find a successor to Sir Robin Budenberg.

The process is not yet formally underway but is expected to be shortly, according to City sources.

Sir Robin, who also chairs Lloyds Banking Group, Britain’s biggest high street lender, has chaired The Crown Estate since August 2016.

He was appointed to serve a second four-year term in 2020, meaning his tenure is due to end next summer.

Crown Commissioners are appointed in conjunction with the Treasury, reflecting The Crown Estate’s distinctive contribution to the UK public finances.

Its profits surged last year on the back of income from offshore wind-farm licences.

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The Crown Estate owns Regent Street, one of the world’s best-known retail and tourist destinations, as well as part of St James’s in Mayfair

Outside London, it manages the Windsor Estate, including Windsor Great Park.

A spokesman for The Crown Estate declined to comment.

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