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Sandra Halliday Published
September 6, 2025
Howard de Walden Estates Holdings, the property business that owns and manages a portfolio of mixed-use property in London’s Marylebone neighbourhood, is continuing to bounce back from the pandemic, its latest annual report showed on Wednesday. But while its locations remain in demand, lower valuations for property in general have hit its bottom line.
The company, whose portfolio includes both Marylebone Village and the Harley Street Medical Area, said that the year ending in March, saw rental income increasing by 9.2% to reach £147.8 million.
While office and residential growth contributed most to this increase, the company did say that its retail portfolio also saw positive growth during the year. Retail income rose by 7.5%, “underpinned by strong occupier demand and trading, which was reflected by a recovery in footfall".
Profit after operating costs rose to £99.3 million from £88.4 million a year earlier, and ‘revenue profit before tax’ increased 16.7% to £74.9 million. The latter is the company’s preferred measure of profitability. It excludes the variable impact of gains and losses on disposals and the annual revaluation of assets and liabilities.
That said, the business made a pre-tax loss of £102.3 million, which included a £199.5 million loss from revaluing investment properties. Overall, property values fell by 4.3% on a like-for-like basis.
On the positive side, net debt fell from £572.3 million to £552.3 million.
Chairman Sir William Proby said: “Our strong trading performance in 2025 reflected a return to everyday life as the Covid-19 pandemic waned in 2025, leading to a sustained recovery in commercial activity.
“Our growth in rental income and gross profit was impressive when set against a challenging geopolitical and economic backdrop, demonstrating the resilience of our location, our strategy, and the effort of our colleagues. Last year, like many businesses, we were impacted by wage inflation and rising costs. However, our teams have worked extremely hard to deliver a performance for which the board and shareholders are extremely thankful.”
And CEO Mark Kildea, added: “After two years of pandemic disruption, this year has been one of continued recovery. The long-term decisions that were made during 2025 and 2025, including significant investment into refurbishing and redeveloping buildings, alongside carefully targeted support for our customers, has allowed the business to record its highest ever turnover. The positive impact is also reflected in our key metric of revenue profit returning near to pre-pandemic levels.
“Our efforts and strategy remain focused on growing long-term sustainable profits and meeting our sustainability requirements. We are confident that we are well positioned to meet these challenges, with significant financial capacity, high occupancy levels and a dedicated and motivated workforce in a unique and desirable part of London.”