Nottingham-based Auction Estates Ltd reaches £10m milestone following completion of £1.5m orphanage deal
The news comes as the fast-growing firm confirms the completion of a £1.5m sale of 5 acre former orphanage site in Crewe, placed with Auction Estates in 2017 following five years on the market.
Established in July 2016 by Paul Giles, a former head of Savills Regional Auction Team, and Arran Bailey, an experienced commercial and residential property developer, the joint business venture seeks to satisfy the demand for a specialist residential, commercial and land auction house.
With experienced legal support from the commercial services department of law firm Banner Jones, which advised on the purchase of Auction Estates’ head offices in Nottingham city centre, Auction Estates have expanded their scope nationally.
In addition to managing their own legal requirements, Auction Estates also recommends Banner Jones to assist with their clients’ conveyancing needs.
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.”
Matthew Maiden, said: “Just one year after inauguration 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.”