Jones Lang LaSalle’s auction department is breaking away from the firm to set up on its own.

The department, which is headed up by directors Richard Auterac, Peter Cunliffe and Charlie Powter, is to become an independent firm in May as a new venture.

Its next sale on 9 March at the Millennium Hotel in London’s Grosvenor Square will remain under the JLL banner.

However, the sale which follows on 27 May will be held under the new company name.

Jones Lang LaSalle said it was “fully supportive” of the new venture, and that it would continue to use its services to “ensure the auction route to market remains available to all of Jones Lang Lasalle’s clients”.

Julian Stocks, head of capital markets at Jones Lang LaSalle, said: “Richard, Peter and Charlie have made an invaluable contribution to Jones Lang LaSalle, and whilst we are disappointed to lose them, we are very pleased to have them continue to provide a full range of auction services in association with Jones Lang LaSalle after the completion of our March auction.

“Our clients will continue to benefit from experienced individuals and from a high quality seamless service.”

Richard Auterac said: “Peter, Charlie and I have thoroughly enjoyed working at Jones Lang LaSalle over many years.

“Looking ahead, we are all enormously excited by the new venture and the fresh challenge it presents. Auctions is a specialist service and I am delighted that we will continue to provide advice on this type of disposal to Jones Lang LaSalle clients.

“We are extremely keen to ensure that there is continuity in our service, and therefore our first independent auction will be on 27 May, following on from our Jones Lang LaSalle 9 March sale.”