A NEW venture launched this week promises to transform the commercial property market and attract more private investors in to the marketplace.
PrimePitch, which can be contacted at the Internet site www.PrimePitch.com, will utilise the marketing power of the Internet to revolutionise the way in which commercial property is marketed and streamline the transaction process.
As a result of institutions and property companies merging, many traditional investors are beginning to concentrate only on larger investments and are disposing of their smaller holdings as soon as they get the chance.
PrimePitch aims to capitalise on this process by creating a secondary marketplace for these smaller holdings through its Internet website.
The site will sell commercial investments in the £250,000 - £5m range.
It has so far been endorsed by clients such as Frogmore, Great Portland Estates, Schroders Property Investments Ltd, Deutsche Asset Management and Standard Life.
The launch of PrimePitch represents a significant development within the commercial property sector.
Far from being simply a listings' site with details of properties for sale, PrimePitch will soon enable buyers to download legal packages.
It will also allow companies to lease summaries and financial packages from their creators.
Its introduction will, therefore, bring the investment market bang up-to-date by creating higher investor demand, reducing transaction periods and saving executive time taken to make decisions.
With the backing of specialist property agents, such as C13GA and Churston Heard, PrimePitch combines traditional agency skills with the benefits offered by an Internet-based property service.
At every stage of the transaction - from accepting the instruction to completion of the documentation process - a fully trained team is working on the instruction to get the job done on time.
Robin Christie, managing director, PrimePitch commented: "Using the Internet as our means of communication, we are hoping to attract high networth individuals who have previously tended to invest only in residential property rather than commercial sites."
He added: "By de-mystifying the whole process, we have manged to open the door to the larger commercial property market."
The site is launched later this week.
It marks the culmination of more than one year's work for the team behind the project and represents development cost in excess of £1.2m.
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