The former head of Savills' commercial auction team in Nottingham has joined a rival firm – where he will lead a new part of the business.
Paul Giles will now help set up Auction Estates, a new auction house that forms part of city property investment firm ALB Group.
He was approached by owner Arran Bailey after previously working together, with ALB one of Savills' largest clients in the city and the two men leading a series of large-scale acquisitions of residential and commercial investment stock across the UK.
Mr Giles said property auctions were growing in popularity, highlighting the acquisitions of Graham Penny Auctions and CP Bigwood auction house by Chilwell-based SDL Group earlier this year, which created the biggest auction house outside of London.
"There has been a lot of investor interest in this fast-growing sector of the property market, which appeals to both buyers and sellers by offering quicker sales and higher levels of certainty over the traditional methods of sale," he said.
"With completions taking place at auction within 28 days of the sale, there is huge appeal by both buyers and sellers alike in knowing that their deal is secure without the risk of gazumping, unforeseen delays and abortive transactions.
"In today's fast-paced world, where global events can very quickly affect property markets, an auction has within its armoury the ability to stream extensive up-to-date information to people's smartphones and tablets, making them highly-informed buyers and offering a more responsive and effective tool for adapting to market forces, something the traditional methods of sale can't adjust to."
ALB Group's operations also include ALB Estates, ALB Investments, Jennifer Bailey Property Lettings and MGU Properties Limited.
At Savills, Mr Giles headed a team selling high volumes of commercial and residential property across the UK on behalf of private sellers, local authorities, utility companies and insolvency service receivers, handling more than £25m worth of stock every year.
After joining ALB on Tuesday, July 5, he will use his "extensive knowledge of auction sales and network of UK-wide investor clients" to set up and run the new auction house from the group's headquarters, in Carlton Road.
The first auction is scheduled to take place at Nottingham Racecourse on Tuesday, December 13, with entries being invited from early September.
Mr Bailey added: "Paul is not only a best-in-class agent but highly experienced in the fast-paced world of auctions, which has become a mainstream and preferred method of transacting both residential and commercial property – affording speed and certainty to both buyers and sellers."
