Howard de Walden Estates, the freehold owner of much of Marylebone in
In accounts just published at Companies House for the year to 31 March, the property arm of the Howard de Walden family said “falling yields fuelled by strong investment activity from overseas buyers ensured that both commercial and residential property in the West End significantly outperformed the
Following lettings at a number of buildings its rent roll increased by 7.3% to £64.4m.
The group posted a “highly satisfactory” 12.4% lift in pre-tax profit to £33.655m, up from £29.9m in the previous year.
The group had net debt of £237.4m at 31 March, up from £199.24m and thanks “almost entirely to new borrowings arising from the acquisition of
The group said: “The directors remain comfortable with the group’s level of interest cover.”
At the year end it had undrawn bank facilities of £12m (2009: £49m).
Howard de Walden bought 14 period buildings on
It also raised £100m of debt through a private placement in the
The family was paid out £21.1m in dividends during the year, down from £156m in 2009. It paid £5.843m in wages and salaries, down slightly from £6.01m the previous year. The highest paid director received an emolument of £807,000.
Howard de Walden owns most of the properties within the 90 acre Marylebone area, including most of the freeholds on Marylebone High Street and
During the year over 100 refurbishment projects were undertaken, “ranging from small flat refurbishments to larger office and medical refurbishment and redevelopments”.
paul.norman@estatesgazette.com
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