One of the two sites EET Retail rebranded in a deal with Top 50 Indie Highway Stops earlier this year, is now up for sale. Essar Service Station, Spalding, is on the market for £2.35 million.
Under its ambitious new leasing package, EET Retail, a division of EET Fuels, invested £50,000 in relaunching the two Highway Stops forecourts – Spalding and Oakham in the East Midlands – with Essar branding.
The leasing deal pays landlords a monthly rent, enabling forecourt operators to keep the investment in their portfolio without having to worry about managing sites or developing the business.
The Spalding site is let to Essar Oil (UK) Limited for 20 years, a lease which started on March 5, 2024. There is a tenant break clause on March 5, 2039, providing approximately 14.75 years of certain tenancy.
The initial annual rent is £195,000, which is subject to annual increases in line with the CPI, with a collar of 1% and a cap of 3%. Furthermore, the lease includes a five-yearly market rent review provision on an upwards only basis.
The site is being listed by the Prideview Group and a copy of the lease is available upon request.
The 0.35-acre property is situated on London Road in Little London, Spalding, within a residential area. Sales particulars say it benefits from good visibility and accessibility, serving as a convenient stop for commuters and locals. London Road is a busy thoroughfare, ensuring a steady flow of potential customers.
As well as the Essar-branded forecourt there is a Londis-branded shop of approximately 72.4sq m (779sq ft) and forecourt services including a jet wash and an Amazon parcel locker.
The sales area is said to be well-stocked with a variety of convenience goods and amenities, including a Costa Express machine, lottery and off-licence.
The fuel forecourt has a 4.1m high canopy and accommodates five islands (including one HGV) with a total of 25 pumps, providing a selection of regular and premium unleaded and diesel grades of fuel.
Both EET and Highway Stops have so far declined to comment.
