Spalding service station on the market for £2.35 million

A filling station is up for sale, just two months after undergoing a rebranding.

The 24-hour Essar garage and branded Londis shop on London Road, Spalding, is on the market for £2.35 million.

The former BP garage was rebranded earlier this year, with the official opening held on May 22.

The 0.14 acre site is let to Essar Oil UK under a 20-year full repair and insure lease until March 24.

The initial annual rent is set at £195,000 with consumer price inflation uplifts of 1-3%, plus a five-yearly review to market rental value, if higher.

“The property incorporates an Essar-branded re-fuelling forecourt with a Londis-branded shop of approximately 72.4 sq m (779 sq ft) and forecourt services including a jet wash and an Amazon parcel locker,” the brochure explained.

“The sales area is 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.

“The site trades 24 hours a day, seven days a week.”

The brochure adds that this sale presents a rare opportunity for investors.

“Recent trends show a limited number of forecourt assets being made available and sold to the market, indicating a distinct lack of supply,” it added.

“Meanwhile, the occupier market is experiencing historically strong profitability, with substantial increases in rent cover on investment assets within the sector in recent years.

“This highlights a significant demand-supply gap.”

The service station is on the market with the Prideview Group.