A wave of trendy retailers flocking to Marylebone has helped to push the value of the Howard de Walden Estate to a record £3.2bn.
The firm said retail rents on Marylebone High Street, W1, soaring by 25% to £375 per sq ft zone A last year was behind the £600m increase in the portfolio’s value in the year to 31 March.
Howard de Walden’s pretax profit increased by 6.4% to £48.1m, while rental income rose by 7.5% to £89.8m. Shareholders’ funds also jumped to £2.9bn from £2.3bn.
Toby Shannon, chief executive of the Howard de Walden Estate, said: “During the year our portfolio benefited from substantial increases in value. The focus of our business is on increasing rental income and profitability over the long term.”
Since the year end, new retail tenants on the estate include Anthropologie, French womenswear group Maje and stationery firm Caroline Gardner.
In October, Howard de Walden raised an additional £100m via a private placement to aid its £230m office development pipeline.
The company wants to deliver 150,000 sq ft of new projects, including a 54,900 sq ft scheme at 64-66 Wigmore Street, W1.
