Insight: Buyer appetite for forecourts across England's North remains strong in 2021
Throughout 2020, the UK forecourt sector proved itself to be resilient against an unpredictable backdrop, leading a strong buyer appetite to emerge for forecourt assets coming to the market. This demand has remained consistent throughout the first half of 2021, particularly for opportunities across England’s North East and North West regions, where better value and business growth potential is perceived amongst investors.
Since January 2021, our Retail experts have sold 23 forecourts across the UK and the level of enquiries the team continues to receive outweighs the number of sites available for sale, making it a great time to consider selling.
In the North West, the year kicked off with the leasehold sale of Partington Service Station, a previously Essar-branded forecourt in the bustling town of Partington, Greater Manchester to an independent first-time buyer. The sale was a rare opportunity for an independent purchaser to acquire an unopposed local forecourt and convenience store, with significant growth potential, on a new lease basis. The new leaseholder, Saqib Javaid is rebranding the forecourt to the Murco brand and plans on rebranding the convenience store to the Londis symbol group.
During February, the team completed on the sale of Project Ranger a portfolio of seven petrol filling stations operated by Marla and Gus Saggu to Certas Energy UK Limited. The portfolio of forecourts, located across the North East of England, attracted multiple offers, not only for individual sites but also on a group basis.
A number of growing multiple operators have similarly turned to the north to carry out their expansion plans over the last few months, with a multitude of deals completing to this type of buyer, including Carmel Road Service Station in Darlington and Loggerheads Garage, in Loggerheads, North Wales, of which both were on a freehold basis. We also saw Broadway Service Station in Manchester, Ouston Service Station in Durham and Morfa Garage in Pwllheli, North Wales which all completed on new long-term leases to growing multiple operators. All sites received multiple offers and disposal options from strong buyers.
We are seeing similar activity right across the UK, so now has never been a better time to speak with one of the experts from our large and experienced team, to discuss how to maximise the return on your business. If you are thinking of selling, please don’t hesitate to contact usfor a confidential chat.