Harley Street is a tonic for London landlord
BOOMING demand from medical businesses wanting to open on Harley Street has helped offset the sluggish luxury flats division at the Howard de Walden Estate, the boss of the aristocratic family property empire revealed today.
Andrew Hynard said the popularity of the famous medical thoroughfare helped the value of the Marylebone landlord’s property portfolio surge 7.4% to a record £4.2 billion in the year to March 31. During the period it had 11 new medical tenants, helping income in that division jump 17%.
The firm, which this month inked a deal for The Priory, the care homes business famous for its celebrity clientele, to open on the estate, also saw growth in its retail and office arms. Total rental income at the group, which has been under the same family’s stewardship since 1879, rose 9.6% to £117.8 million.
The growth came despite a flat performance in the residential division, which has suffered from having more competition from local landlords who have decided to let rather than sell buildings amid Brexit uncertainty. Hynard said: “We are not immune from the near-term impact of macroeconomics, particularly as it affects residential leases reviewed annually.”
The company revealed chairman Peter Barton will be retiring in December, to be succeeded by family trustee Sir William Proby. @es_jobourke