Pigeon and the Ifield Group have sold the freehold ground lease of a purpose built 36-bay GRIDSERVE electric forecourt at Broadland Gate, Norwich, to Wesleyan Assurance Society for an undisclosed price.
The 5,762 sq ft forecourt, which was completed in 2022, counts M&S Food, Costa Coffee, WHSmith and the Post Office as tenants. It also offers a number of meeting rooms which can be booked by the hour and an electric vehicle display with test drive facility, operated by GRIDSERVE.
The plot is let on a ground lease to Norwich East Electric Forecourt – a subsidiary of GRIDSERVE Holding Company – until 2050 with annual index linked reviews. The current passing rent is £159,124.99 per annum.
Hugh French, director of development at Pigeon, said: “The growth of the Broadland Gate development has been remarkable over the past five years and completion of this sale marks a significant milestone for the team. The GRIDSERVE electric forecourt was the first of its kind to come to the market and represented a distinctive opportunity, as the UK moves towards embracing the use of electric vehicles further.”
Alisdair James from Colliers’ automotive and roadside team, who advised Pigeon and Ifield Group on the deal, said: “We’re very pleased to have secured the right purchaser for GRIDSERVE electric forecourt. The market leading development together with the site’s strong ESG credentials helped to secure the sale of this unique investment opportunity.”
The Wesleyan Assurance Society was represented by 23.
