17 JANUARY 1969, Page 24

Market report

CUSTOS

Mr Harry Hyams, who has quietly made £30 to £40 million out of property development since the middle 1950s, has at last stepped into the limelight. He has proposed a merger between Oldham Estates, in which he and contractors George Wimpey each hold a 41 per cent stake, and City of London Real Property. You will remember that CLRP first came on to the market as a result of .its distaste for a takeover offer received from Trafalgar House. That prompted tt,ttP into a revaluation, which in turn prompted rival offers from Metropolitan Estates and Real Property and from Sir Harold Samuel's Land Securities. CLIIP very correctly says that it has not committed itself to Mr -Hyams and that shareholders will get a chance to judge the proposals for themselves. .The possibility of a liak- with Mr Hyams has been unkindly de scribed.in some City quarters as smacking of News. of the World's- defensive alliance -with' News Limited. I think that is unfair.

Mr Hyams believes that publicity is bad. for property deals- and so. has kept himself out of the public eye. You can see his spectacular handiwork4- though; in three of the more' dramatic new buildings in London—Centre Rent at St Giles' Circus, Space House in Kings- way, and the: National Provincial Bank building in the City. Mr Hyams's style as a property developer is unique: after completing a building he is prepared to let it stand unlet for years, until -rents. have risen to the point where he can produce a very marked rise in asset value.