Fawn and India Rose James, the granddaughters of the late property and publishing tycoon Paul Raymond, have received £23 million in dividends from the family’s multi-billion dollar Soho property empire after another record year of rental income.
After Raymond’s death in 2008, the sisters inherited Soho Estates, which owns much of London’s West End, including bars, offices and restaurants. Their combined fortune was estimated at £718 million in this year’s Sunday Times Rich List. Her mother Debbie – Raymond’s daughter – died of a heroin overdose in 1992, when India Rose was a baby.
The annual accounts up to March 2025 show that rental income rose 8 percent to £43.84 million, surpassing the previous year’s record of £40.71 million. The increase is due to full occupancy at Ilona Rose House, the flagship mixed-use building named after the sisters’ middle names and home to tenants such as Warner Bros. and Skyscanner.
Soho Estates said in its annual report that it had “benefited from stronger trading in Soho” as visitor numbers and spending rebounded across the West End. Vacancies were “quickly re-let, typically on equal or better terms,” the company added. New tenants during the year included Korean beauty brand Skin Cupid, “luxury” chip shop Frites Atelier and the upcoming Market Place Food Hall in Leicester Square.
The company narrowed its pre-tax losses to £5.97m, down from almost £20m a year earlier, largely due to a smaller decline in the value of its property portfolio, which is now worth just under £1.1bn.
Commercial property values have been under pressure since interest rates began rising in 2022, but falling borrowing costs this year have led to early signs of recovery.
“Given the good occupancy rate and stabilized cash flow, the board felt it was the right time to deliver a shareholder return,” Soho Estates said. The resulting dividend of £23.18 million – the company’s first in two years – was paid mainly to Fawn and India Rose James, the major shareholders.
Paul Raymond, once called “the King of Soho,” built his empire on Raymond Revuebar, the strip club he opened in 1958 and used the profits to purchase properties throughout Soho. He bought aggressively during the housing crisis of the 1970s – at one point reportedly purchasing more than one condo per week.
Today, Soho Estates boasts some of the district’s most famous addresses, including Ronnie Scott’s Jazz Club, Kettner’s Restaurant and Hotel, and the original private members’ club Soho House.
Fawn James, 39, took over as CEO at the start of the year, succeeding her father John James. Her half-sister India Rose, 33, is not involved in the company but remains a major shareholder.
“Our financial performance reflects the continued demand for high-quality space across our portfolio,” said Fawn James. “As a family business, our focus is on long-term responsibility – we continue to invest in buildings and public spaces, support our tenants and ensure Soho can continue to develop while retaining its character.”
