Propex buys controlling stake in ShopProperty listings Site

Churston Heard has sold its majoirty shareholding in retail property listings site ShopProperty.co.uk to Propex Professional and PrimePitch investment sites.

Launched in 2001, ShopProperty.co.uk is a dedicated online property listings service aimed at the retail market. At present, it lists a catalogue of more than 1,200 prime shops available for let. Through an exclusive agreement with Experian Goad all listings are accompanied by interactive street trader plans.

Propex was set up to serve the institutional investment market, acting as an interface between investment agents and about a dozen of the top UK institutions. Since its launch in 2002, membership has grown to more than 1,300.

The system provides a secure method of transferring data about investment propositions, allowing agents to market properties as widely or as selectively as they like. It also allows investors to track introductions.

Propex managing director Paul Marples said that in the longer term the company plans to build on ShopProperty.co.uk's strong position in the retail agency world, to offer a similar system for shop lettings.

However, he conceded that such a system would require the co-operation of retailers.