AK Petrol Grouphas acquired the leaseholds of a portfolio of three petrol filling stations located in Liverpool and Manchester via Christie & Co.
The project, titled ‘Project Maljee’ saw the three sites – Stanley, Green Energy and Prescot Service Station come to market at the start of the year. Previously managed by Mr Maljee, both Stanley and Green Energy Service Stations were offered for sale as vacant forecourts, whilst Prescot Service Station had been operated as an independently branded forecourt.
Despite the drop in fuel volumes across the UK during the Covid-19 lockdown, speculative buyers who were targeted by Christie & Co identified the unique development opportunity that the three sites presented, as well as the sectors quick recovery once lockdown measures began to ease. As such, a strong deal was agreed to a growing multiple operator with big plans for the site.
Maljee commented, “I am delighted to have now leased my three forecourts to a strong operator and would highly recommend James from Christie & Co, who tirelessly pushed this deal to completion despite an uncertain climate. Many thanks to the team and I wish the new owner all the best for the future.”
AK Petrol Group plans to refurbish and rebrand the sites as modern Texaco-branded forecourts before bringing them back to the petrol market, with two already trading again and the third to be completed in the near future.
James Moore-Martin, Director in Christie & Co’s Retail team handled the sales and said, “Notably, this group sale was agreed and then progressed to completion during the Covid-19 lockdown, and included two vacant sites that have been brought back to an operational status.
'This is a clear sign of the buoyant market that we are seeing within the petroleum/convenience sector despite the challenging climate. I wish all the best to both parties. If anyone would like to discuss any aspects of the market, please do not hesitate to get in touch.”