Square Mile and Me: Harry Hyman on building Primary Health Properties – and his love for the opera

Each week we ask a City figure to take a trip down memory lane. Today, Harry Hyman, CEO of Primary Health Properties, tells us about building his businesses in London.

What was your first job?

My first actual job was as a paperboy when I was 14 or 15, but my first job after university was at Price Waterhouse where I was a trainee chartered accountant and had the most wonderful all-round training.

What was your first role in property?

When I was at Baltic PLC, we were active in the property market, in Enterprise Zones and also in mezzanine property finance, which is where I cut my teeth in both financing property and in property development and finance.

When did you know you wanted to build a career in property investment?

I think that happened at Baltic. I developed a liking for finance and an understanding of covenant strength and financial metrics, which was helped also by us being involved in asset management. And it was really that that led me to found Primary Health Properties in 1995 using those three attributes of covenant, property and relative returns.

What’s one thing you love about London?

I think that London is one of the best places in the world to start and run a business. As well as a world-leading financial centre, there are so many alternative sources of finance within a very small space. It offers such a good networking arena for new ideas within finance. Living and working in London meant that I could start several businesses. As well as PHP, I founded Nexus, my publishing and events business, where my daughter Sarah is now part of the senior management team, and have a hand in starting CODE Hospitality and taking over the Good Food Guide, now led by my son Adam. London is special as a place where you can build up and grow your businesses in so many different directions.

And one thing you would change?

You may say as a health property investor I have a bee in my bonnet about this but I think improving the healthcare facilities in central London, which by and large are very old and very dilapidated, would make London much more attractive for young people and young families. London has 13 per cent of Britain’s population but only seven per cent of PHP properties are in London, an indication of why there is a need to modernise the primary care estate in the city.

What’s your most memorable job interview?

My most memorable job interview was my interview to join Baltic. It was a real grilling, long, in-depth and demanding. I left sure I hadn’t got the job but I must’ve done okay because I went on to become their finance director and deputy managing director for 11 years.

What’s been your proudest moment?

Merging Primary Health Properties with MedicX in 2019. It was an £800m all share merger. It took a lot of moving parts to align and 12 months to negotiate. Not only was the deal very successful, but the post-deal integration of the two businesses was exemplary. It created the enlarged PHP which has a portfolio of £2.75bn and has grown into one of the leading providers of primary care real estate in the UK.

And who do you look up to?

As a businessman, I would say I have admired Sir Martin Sorrell, who is a wonderful deal-maker. He is a successful and driven entrepreneur.  As a huge opera fan, I would say Antonio Pappano, Music Director of the Royal Opera House, who is the most amazing conductor and interpreter of opera I’ve had the pleasure to watch and listen to.

Are you optimistic for the first half of 2024?

I’m a glass-half-full person and I think the prospects of low inflation and low interest rates will be very positive for long-term income, helping to grow smaller REITs (real estate investment trusts). Next year’s election will give the government of whichever party, and a new mandate with it, the opportunity to reset public policy on a longer basis than has been the case for the last few years. Healthcare policy especially really needs to be planned on a long-term trajectory.

We’re going for lunch, and you’re picking – where are we going?

Cecconi’s, which is an amazingly buzzy restaurant with brilliant Italian cuisine. I nearly always bump into somebody I know from the property industry.

And if we’re grabbing a drink after work?

At J Sheekey’s on my way to the opera. I am a huge opera fan and founded the International Opera Award 11 years ago. It’s become the Oscars for the opera industry. The latest ceremony just took place a couple of weeks ago in Warsaw and I am happy to share it was a thrilling success.

Where’s home during the week?

Around the corner from Shepherd’s Market, where I have lived for 20 years and still enjoy the bustle of the area and the ability to walk to all my meetings.

And where might we find you at the weekend?

West Berkshire, where I have a home. The tranquillity offers a welcome contrast with the noise and pace of London life. When I am there, I enjoy gardening, which helps me to relax.

You’ve got a well-deserved two weeks off. Where are you going?

Burgundy or Piedmont, both famous for their red wine. They are both stunning parts of the world.

Quickfire:

Favourite book: Great Expectations by Charles Dickens.

Favourite film: Something’s Gotta Give with Jack Nicholson.

Favourite artist/musician: Brian Ferry and David Bowie.

Favourite place in London: 5 Hertford Street, a great place to hide away from the hustle and bustle of Shephard’s Market for a discreet chat.

Coffee order: I drink builder’s tea.