A buyer is understood to have been found for five East of England Co-op petrol stations in East Anglia, although details are not expected to be disclosed for several weeks pending the signing of final contracts.
Specialist business property adviser Christie & Co has been marketing the sites at Brightlingsea, Colchester, Felixstowe, Framlingham and Ipswich since February.
In an April 27 press release, Mark Kaluza, regional director at Christie & Co, who is being assisted by local expert Lewis Last, says: “We are working towards a swift transaction for the benefit of all parties with the least disruption to the day to day running of the sites.”
Kaluza adds that there has been “significant interest from all corners of the sector” for the sites: Brightlingsea Forecourt on Samsons Road, Brightlingsea, Essex; Felixstowe Forecourt, 7 High Road West, Felixstowe, Suffolk; Framlingham Forecourt, Station Road, Framlingham, Suffolk; Nacton Forecourt, 581 Nacton Road, Ipswich, Suffolk; and Stanway Forecourt, Fiveways Retail Park, Colchester, Essex.
Christie & Co invited offers for the sites individually or as a group.
The East of England Co-op, which also owns 120 food stores in East Anglia, says that the sell-off is part of a “planned strategic move for our Society”.
Its chief executive officer, Andy Rigby, says: “Our petrol filling stations are under consideration to be sold as going concerns, protecting local services and employment, with colleagues transferring under TUPE.”
He adds: ”Any proceeds generated would enable us to prioritise investment in areas where we see the greatest long-term impact. This includes supporting new store openings, further investment in our existing sites, and bringing forward new innovative business ventures. This aligns with our objectives to continue our journey of maintaining a strong, independent and sustainable business.”
In a LinkedIn post on Friday, Christie & Co managing director for retail and leisure Steve Rodell said demand for petrol station sites remains strong because of ”resistance” to electric cars, as illustrated in an Autotrader survey of motorists’ purchasing intentions.
Noting that the failure of EVs to gain as much traction in the market as some predicted was the “result of pure economics”, Rodell said: ”The median UK household income is approximately £36,663, yet the average cost of a brand new EV is roughly £51,000—about 31% more expensive than petrol or diesel equivalents.”
Citing the Autotrader findings, he added: ”For a person on an average salary of £30,000, a car priced over £8,000 is likely to be a major financial burden. Only 19% of consumers planning to buy a new vehicle would choose a fully electric model. For lower-income buyers, 40% typically shop for cars under £5,000, but only 1% of the used EV market currently falls into that price bracket.”
