Property Partner, a property crowdfunding firm which enables people to invest in property by taking shares in individual houses, has a second new CEO in the space of just over a year and is now on its third within five years.
Property Partner, backed by Octopus Ventures, was founded in 2014 as a ground-breaker by Dan Gandesha, who stepped down in April last year.
He was succeeded by Marshall King, said to have experience in growing venture-backed companies.
King has now also stepped down, although he retains a seat on the board, and has now been announced as being succeeded by Warren Bath.
Bath was formerly chief finance officer of Property Partner.
Property Partner has also announced other changes.
The management fee will now be charged at 1% per annum of the customer’s equity.
In addition, a central portfolio fund is being created.
Bath said: “Having been a shareholder of Property Partner since inception in 2014 and CFO since April 2016, I am extremely excited to lead the company in the period ahead and I want to thank Marshall for his work in developing the business.
“The changes we are making today make Property Partner a significantly stronger business that is better able to deliver returns for our clients.”
Property Partner was created by Gandesha, offering a cut-price alternative to buy-to-let and a ‘stock market’ type of platform.
Investors do not have to purchase whole properties, but can buy shares in any of the properties Property Partner manages, meaning they get their share of rental income, and with the ability to sell their shares in the future.
Property Partner launched its first property in January 2015 into what has become a competitive sector but with no clear winners yet.