A new top-secret venture in estate agency is planning on raising over £10m for a project that will ‘future proof’ high street firms.
Called Project UHA, a “secret breakfast” is being held this Friday in London, with “select” agents invited from across the country.
It is understood they will be signing non-disclosure agreements ahead of the project going live.
The pair behind it are industry consultants Iain White – a former managing director of Romans – and Mal McCallion who now runs Growtion.
With rumours that Project UHA would be an online agency with local Purplebricks-style agents, McCallion said this was emphatically not the case.
He said: “I cannot say too much at this stage, but I can say that we are not an online agent – we are a solution for high street firms to future proof themselves.”
He said that both he and White were passionate about consumers getting the best deal, and making decisions about agents based on proper information.
McCallion said: “Full-service agents are being unfairly maligned, and consumers are being told that the likes of Purplebricks are the answer to everything – but that is only one side of the equation.
“It is a very tough market for high street agents at the moment and challenges to the industry are significant.
“This project is at a very early stage, and we are looking for some significant eight-figure funding.
“We are very serious about this, and the feedback we have had so far has been very encouraging.”
He confirmed that one of the aspects under consideration in Project UHA is whether agents would be given a particular territory in which to operate.
He did not say how many agents will be at Friday’s “secret breakfast” but emphasised again: “The project is going to future-proof the traditional agent.”