Getting a balanced investment portfolio together should be an important part of any serious investment strategy.

The recent "Great Investment Debate", which this newspaper sponsored with Bank of Ireland Asset Management and Gunne Property Consultants, thrashed out the pros and cons of equity versus property investment and confirmed what many have known for some time: that spreading your risk and rewards over a number of different investment options is the best course of action.

For many of the investment advisers attending the debate, the discussion on the merits of commercial property for private investors was of special interest.

The increase in personal wealth in recent years has brought many more clients into the commercial property market, they say, (other than owning their commercial premises, often a converted private residence).

A booming property market, and the clawing back of tax relieffor residential investment properties, has also helped generate interest in commercial ventures, say the advisers.

So who is an ideal candidate for a private commercial property deal?

Mr John Crowe, of the management consultants KPMG, and Mr Paul Coghlan, of Financial Planning Strategies, were both at the Great Investment Debate. Both have a number of clients in the process of buying commercial properties. "There's no question that people need to be high income earners, with the potential for continuing income growth," says Mr Crowe He cited doctors, lawyers, accountants and company directors as ideal candidates. But you don't particularly need to have a lot of capital to get into a deal like this, he says.

"Ten guys with £25,000 each is the example Gunne gave as a commercial property that could be purchased, along with borrowings."

Setting up syndicates like these does take a certain amount of outside assistance and organisation, says Mr Coghlan, and the contracts must be water tight.

His firm brings together the solicitors, accountants and property consultants to help put the deals together and arranges all the necessary insurance policies and loans including tax-efficient commercial endowments or pension mortgages. "It's important to try and get a good group together in the first place, since it can get a bit messy if someone tries to cash in their chips before the investment matures," he says.

This is where the solicitors earn their fees setting up the proper exit clauses and buy-out mechanisms for the other members of the syndicate. Partners who break contracts early may end up paying a penalty.

There is no such thing as a "typical" commercial property deal, but they can involve just a few people to as many as 10 or 20 and involve modest properties like a unit in a suburban industrial estate worth a quarter of a million pounds as well as city office blocks worth £5 million. Putting 30 per cent down and borrowing the balance over 10 years is a common enough financing package, say Mr Crowe and Mr Coghlan, and the aim is usually to service the loan with income raised from tenants. A management firm is hired to deal with the tenants and maintain the building.

At the debate, the Gunne Commercial managers painted a pretty rosy picture of the rental income £15 a square foot and annual increases of 6 per cent and capital growth that commercial and industry properties were currently realising. But Pat Gunne admits "there is a shortage of suitable, reasonably priced properties out there and a lot of demand".

The follow-up response to the debate "has been terrific and we are taking names of prospective members of syndicates. We hope to match the syndicates to the appropriate property as they come up".

Anyone interested in joining a Gunne syndicate should initially write to the company at 164 Shelbourne Road, Dublin 4, with personal details, including profession, income, amount available to invest.