Posted 09 August, 2019 at 15:57
Specialist business property adviser, Christie & Co has completed on the sale of Pensby Service Station in the village of Heswall, in the Wirral, to Penny Petroleum, a rapidly expanding forecourt operator.
Pensby Service Station comprises a Texaco branded forecourt, Spar convenience store, and hand car wash situated on a busy main road within the affluent Merseyside village of Heswall. The site trades from 7am to 10pm, seven days a week, providing a valuable service and is highly relied upon by local residents and passing trade.
Founded in 1994, Penny Petroleum has acquired Pensby Service Station, taking the group’s portfolio to a total of 53 sites across the north of England and Scotland. Vicky Hennessy, Business Development Manager at Penny Petroleum, comments, “This site is a great location and compliments our portfolio in the North West of the country. We will be partnering with Londis in the shop and have plans to develop the site over the next 12 months.”
James Moore-Martin, Associate Director at Christie & Co who handled the sale, comments, “We’re delighted to have found a new operator for this filling station. There is scope for Penny Petroleum to make immediate improvements, and a refit of the convenience store would undoubtedly help to drive revenues. It will be an excellent addition to their rapidly expanding portfolio.
“This completion comes within quick succession of the nearby Cheshire Service Station in Warrington, which was sold to a growing North West operator, as their sixth site, and completed within a three-month timescale. The level of demand we’re seeing from first time buyers, expanding operators and corporate groups, as well as the speed and volume of transactions, really demonstrates the buoyancy of the market at all levels.”
The leasehold interest of Pensby Service Station was sold in an off-market transaction for an undisclosed sum.