Petrol filling stations that came to the market in the first half of 2023 attracted a healthy level of interest, receiving an average of 11 offers per site. So says Christie & Co in its Retail & Leisure: 2023 Mid-Year Insight. The company said individual transaction levels were subdued but there was no shortage of buyers for going concern acquisitions.
The publication revealed that the UK’s retail and leisure sectors are largely bucking any negative trends in the mainstream property market, as buyers remain active and demand for correctly priced opportunities remains strong. This is supported by the latest Christie & Co data unveiled in the report, which indicates that new buyer registrations have more than doubled compared to the same period in 2022 and the average number of offers per instruction is up 5% on this time last year.
Retail deals are based on needs-driven enterprises (such as fuel, food, beverages), meaning trading fundamentals remain robust
Steve Rodell, managing director – retail and leisure said: ““It’s very encouraging that despite the recent rise in interest rates, buyers have continued to seek out the opportunities we bring to the market. The deals we are doing further underpin the valuation assignments which continue to come thick and fast. ‘Reading the leaves’ and judging by the deals in legals, we expect the second half of 2023 to be as strong, if not stronger, than H1.”
