CBRE will no longer hold commercial property auctions in the UK.
The agent launched its commercial property auctions service in 2011, as revealed by EG, after recruiting John Townsend, Christopher Mills and David Margolis. Since the launch of the division, Townsend and his team have been responsible for completing transactions with a combined value of £262m.
After 40 years in the industry Townsend, who joined CBRE from Cushman & Wakefield, has decided to retire from property.
Mills will remain at CBRE and has taken up a new role within the national team as head of asset management. Margolis has decided to leave CBRE and will join auctioneer Acuitus.
CBRE UK managing director Ciaran Bird said: “We have run a number of very good auctions in the UK but have taken the decision to cease the service. In 2011, when we launched the service, the anticipation in the property market was that financial institutions were going to release large quantities of high-grade commercial property to the market.
“The reality is, while some offloading has occurred, it has been nowhere near the volume that was anticipated and we cannot see the service growing into a material part of our business going forward.
“John Townsend has taken the decision to lay down his gavel after more than 40 years of incredible service to the industry, 31 of which have been dealing with commercial property auctions. He brought fantastic energy and commitment to CBRE and I’d like to thank John and wish him a long and happy retirement.”
Samantha.McClary@estatesgazette.com
