Auction House hits £10m milestone
Auction Estates, a Nottingham-based property auction house specialising in the sale of residential housing, commercial property, land and specialist property investments, has hit a major milestone this month having completed in excess of £10m worth of auction sales after just four auctions.
The news comes as the firm confirmed the completion of a £1.15m sale of a Grade II former healthcare building in Crewe, placed with Auction Estates in July 2017 and previously on the market on a private treaty basis for many years.
The firm was established in July 2016 by Paul Giles, a former head of Savills Regional Auction team, and Arran Bailey, a commercial and residential property developer.
Auction Estates has legal support from the commercial services department of law firm Banner Jones, which advised on the purchase of its head offices in Nottingham city centre.
Paul Giles, managing director at Auction Estates, said: “I met Arran in a professional capacity whilst in my role at Savills, and it seemed like the natural progression in my career to collaborate our skill set and start Auction Estates independently.
“Establishing ourselves in Nottingham city centre would not have been possible without the indispensable legal advice of Matthew Maiden at Banner Jones, who advised on our city centre office purchase, and with whom Auction Estates have a longstanding relationship.”
“We often direct our clients to Matthew’s services upon completion of a purchase and receive great feedback on his ability to turn high quality, detailed legal packs around within 48 hours. The auction industry is an extremely fast-paced arena, and Matthew’s ability to adapt has been crucial to reaching the £10m milestone.”
Maiden said: “After just four auctions it is great to see a locally-founded business continue to expand their scope.
“The £10m milestone is a substantial achievement for a company of such a young age, and with Paul and Arran’s indisputable track record for selling high volumes of property across the UK on behalf of corporate bodies, charities, Local Authorities, and LPA Receivers, as well as solicitors and private individuals, I have no doubt that their success story will continue.”
