Howard de Walden boosts rental income

Howard de Walden has seen rental income rise by 6.6% from £127.5m to £135.9m despite “a dampening of the London property market”. The firm posted pretax profit for the year ended 31 March 2019 of £160.9m, including a £70.9m gain on investment properties. Revenue profit before tax rose by 8.2% from £75.4m to £81.6m. Rental growth was strongest across the group’s office, retail and leisure and educational portfolios and, for the fourth consecutive year, increases in rental income and revenue profit outpaced growth in property values. During the financial year, the value of the investment properties – which encompass the shopping destination of Marylebone High Street and the medical hub of Harley Street, both W1 – was up by 4% to £4.606bn. Notable lettings saw international healthcare provider Cleveland Clinic announce its plans to open a new outpatients facility at 24 Portland Place, while US fitness brand SoulCycle signed for a new store and studio on Marylebone Lane. Howard de Walden chairman Sir William Proby said: “This year saw the twin challenges of continuing political uncertainty and a dampening of the London property market. I am therefore particularly pleased to report that, despite the more negative background, we have achieved excellent financial results once again.” To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette