Terrace Hill has poached Jon Austen from Goodman to be its new finance director.

Austen, who was chief financial officer at Goodman following its takeover of Arlington Securities in May 2006, replaces Tom Walsh, who will work under Austen as deputy finance director.

Walsh will also step down from Terrace Hill’s board when Austen takes up his role on September 1.

‘He is a great fit for the business and we look forward enormously to working with him at a time when we see the currently deteriorating property market creating opportunities for the company,’ said Terrace Hill executive chairman Robert Adair.

Before joining Goodman, which has approximately £10.9bn of assets, Austen was chief operating officer at Arlington for two years.

Prior to that he was chief financial officer at PRICOA Property, the holding company for Prudential Financial’s £2.5bn property fund management business.