The two co-chairmen of Sotheby’s International Realty in the UK, Chris Palmer and Robin Paterson, have expanded into commercial property – via a second American franchise operation.

The pair, together with Alex Upson, have launched Coldwell Banker Commercial London.

Palmer said that international investors tend to focus on commercial property, while domestic investors in the UK prefer residential.

He said: “The London commercial market is flourishing, having traded an outstanding £30.7bn in the first half of 2015, much of which included capital coming from the US and Asia Pacific.

“We believe prospective clients will recognise and trust the brand and the Coldwell Banker Commercial London office should make some real waves in the market.”

Palmer and Paterson took on the Sotheby’s International Realty after Countrywide gave up its licence to run it, following the purchase of upmarket Hamptons International – a firm which Paterson used to own and where Palmer was a partner.

Sotheby’s International Realty has just announced the appointment of Simon Tollitt as sales director. He joins from Knight Frank.

Paterson said that the business has an “aggressive expansion programme”.

Among its competitors is likely to be Coldwell Banker Real Estate, which is launching in the UK.