Bates logs on to commercial property opportunity

A NORTH West investment banker has embarked on a new career, in commercial property with Harry Hill, the founder of Rightmove as his chairman.

Justin Bates from Alderley Edge, who has previously worked for stockbrokers Daniel Stewart has become chief executive of Movehut, a commercial property website based in Newcastle-Under-Lyme.

Most recently the 41-year-old he was senior vice president of Keefe, Bruyette & Woods, the investment bank.
 
He said: “I am delighted to have joined Movehut. There is a huge opportunity to build a market leading business in the high growth online classifieds sector.

“We are committed to forming a genuine partnership with the commercial property industry, one that truly serves its needs by increasing individual property exposure to a global audience, in the most cost-effective manner possible.”

His new chairman, Mr Hill was previously chief executive of Countrywide plc for 20 years, including during the time of its sale in 2007, for £1.1bn.

During his tenure at Countrywide he also founded and was a director of Rightmove  from inception, through to its highly successful IPO in 2006. At the time of the IPO, Rightmove was valued at £425m, today its market capitalisation is £1.7bn.

Mr Hill said: “The team has established an excellent business, already counting some of the UK’s leading commercial agents as clients.  It is my strong belief that Movehut is quickly becoming recognised as the, ‘Go-to website’ for commercial property.”

Movehut provides free search capability to potential buyers, users and occupiers of all classes of commercial property. It currently has 25 staff.