Roadside, the UK real estate company focused on value-led roadside and convenience retail, has announcedit has acquired a former Sainsbury’s petrol filling station in Coventry from Roadside Retail Ltd (Meadow JV) for a total cash consideration of £1.25m.
Roadside will now begin works to re-instate the former PFS and convenience store, adding EV charging and ancillary services to the location.
In conjunction with the acquisition, it has been agreed that the business of the Meadow JV will exclude the owning and operating of PFS businesses and related convenience retail services and the Meadow JV will no longer have a right of first refusal over such assets. This should give Roadside more freedom to pursue opportunities in the roadside space, particularly around energy transition, convenience retail and evolving consumer demands.
In addition, Roadside has acquired Meadow’s 49% stake in Roadside Asset Management Ltd (RAM) for £1 and RAM has simultaneously terminated the asset management agreement with the Meadow JV.
The Meadow JV and Meadow will enter into a new asset management agreement on the same commercial terms as the current asset management agreement. Roadside will continue to have responsibility for the identification and evaluation of assets within the scope of the business of the Meadow JV (as varied to exclude PFS businesses) and to offer these to the Meadow JV on an exclusive basis until April 30, 2026.
The Meadow JV remains in negotiation on several further site acquisitions as it works to deliver sustainable returns for investors and valuable amenities to local communities.
As previously announced, Roadside intends to increase its stake in the Meadow JV to 10%. The parties have agreed to use reasonable endeavours to shortly agree the price payable by Roadside to increase its stake and to complete such increase on or before October 31, 2025.
Charles Dickson, Chief Executive Officer, says: “This transaction is fully aligned with Roadside’s strategic ambition to capture value through the ownership and operation of essential retail infrastructure in high-traffic, accessible locations. The company believes the Austin Road site offers strong redevelopment potential and an attractive return profile, underpinned by growing demand for well-located, service-led retail formats tailored to the needs of the local community.”
