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Making a mint this Christmas: Aristocratic London property dynasty gets a £36m cash injection thanks to property boom in the capital



By Alex Hawkes For The Mail On Sunday  

The aristocratic family behind property firm The Howard de Walden Estate, which is focused on London’s Marylebone, have shared £36million in dividends.

The property boom in the capital has boosted the firm’s assets, which are centred on the upmarket addresses north of Oxford Street, including Harley Street, famous for its private medical clinics.

Heirs to the de Walden dynasty – including Prime Minister David Cameron’s friend Peter Czernin, a film producer – will all share in the payouts. A £31million dividend for the year to the end of March was four times higher than in 2013 but fell short of 2009’s £156million. They have since received £4.8million after the year end.

Sparkling: Peter Czernin shared in profits generated in Marylebone

Chief executive Toby Shannon warned London property prices could be heading for a fall, however.

He said: ‘History tells us that property values do not continue to rise uninterrupted and after such a sustained increase in Central London property values, it would be surprising if we did not see a slowdown in growth in values or a correction in due course, even if current sentiment and market forces might suggest otherwise.’

The estate has been holding back on buying over the past year amid the surge in values. ‘We have been unwilling to push our offers beyond the level at which we are comfortable,’ Shannon said.

Profits rose 6 per cent to £48million. The value of the Marylebone estate has risen by 78 per cent from 2010 to 2014, the company said, and is now worth £3.2billion.



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