Acquisition of North East filling station through Christie & Co
Fencehouses Service Station in Houghton Le Spring, County Durham has been acquired by Top 50 Independent operator, Penny Petroleum Group through specialist business property adviser, Christie & Co. The petrol filling station benefits from an unbranded forecourt shop and additional rental income from two tenants, a long standing car sales and a busy Pizza takeaway business.
David Penny of Penny Petroleum Group comments; “We are very pleased to welcome this site on board, we believe it has great potential and will fit well within Penny Petroleum. We already have plans in place that will see us add more services, invest in new equipment and extend product ranges. We are looking forward to seeing this site develop and grow.”
Andrew Birnie, Director at Christie & Co’s Newcastle office who handled the transaction comments; “The previous owner wanted to sell in order to retire from petrol retailing and the site offered huge growth potential by increasing the shop size and introducing convenience and off-licence goods. The site also benefitted from excellent rental income from the two tenants and strong fuel sales. We expect this to be an excellent addition to the Penny Petroleum Group.”
The site was purchased for an undisclosed price.