The Howard de Walden Estate has appointed JLL UK deputy chairman Andrew Hynard as its chief executive.
Hynard will start his role overseeing the central London estate which covers much of Marlybone and Harley Street the West End in October.
In February 2016 an announcement was made that after nearly 20 years with the Howard de Walden Estate, Toby Shannon would be retiring as Chief Executive in September 2016 and that Odgers Berndtson had been appointed to carry out an executive search for his successor.
Shannon joined the Estate Company in January 1997 as Finance Director, becoming Chief Executive in April 2006.
Peter Barton, Chairman of Howard de Walden Estates Limited, said: “Toby has made an outstanding contribution to the Company and the Estate during his long service with us, overseeing a period of remarkable growth and steering the ongoing development of the Estate within the Marylebone community. We are delighted that, following his retirement as Chief Executive, Toby has agreed to remain on the Board as a Non-Executive Director.”
Toby Shannon said: “I have thoroughly enjoyed my time with the Howard de Walden Estate over the last 20 years or so. During that time our loyal and committed team has worked hard to make Marylebone one of the most attractive areas of London in which to work, live and shop. I would very much like to take this opportunity to thank the Howard de Walden family, board, trustees and all the staff for their unwavering support and I look forward to remaining involved with the Estate in my new role as a Non-Executive Director in due course.”
Hynard will take over as Chief Executive with effect from 3 October 2016.
Barton said: “I am delighted that following a search through a strong field of external and internal candidates we have been able to secure the services of Andrew Hynard to succeed Toby as Chief Executive. He will bring a very broad experience of the property sector with an outstanding reputation for leadership, business expertise and integrity. I am confident he will be a very effective leader of our executive team and a valuable member of our board of directors."
Andrew Hynard said: “I have known and admired The Howard de Walden Estate for many years. It is one of the outstanding urban estates in the world, and has successfully created a truly mixed use and vibrant district of Central London. I am really looking forward to succeeding Toby in October.”
Guy Grainger, JLL chief executive EMEA, said: “Andrew has been a hugely influential force within our business and has been an outstanding role model for many in the industry. He goes with our very best wishes and we look forward to working with him in the future as one of our most prominent alumni.”
Hynard joined JLL in 1984 and has been an International Director since 2002. He established Jones Lang LaSalle’s Retail Investment team and subsequently was Lead Director of the Capital Markets Group for five years and a member of the English Management Committee. He has also been responsible for growing Jones Lang LaSalle’s Value Recovery Services business as well as acting as chair of the Investment Property Forum.
The Howard de Walden Estate is the freehold owner of most of the buildings in 92 acres of Marylebone, extending from Marylebone High Street in the west, to Portland Place in the east and from Wigmore Street in the south to Marylebone Road in the north. The Estate is beneficially owned by members of the Howard de Walden Family and has been under the family’s stewardship since 1879.
The Estate generates rental income of in excess of £100m pa and its property portfolio includes medical buildings on and around Harley Street, retail units on and around Marylebone High Street and over 800 residential units to let, as well as office, restaurant and education accommodation.
At 31 March 2015, the Estate had total property assets of £3.676bn and net assets of £3.330bn.