Service station gears up for development
A Wearside service station is in new hands.
Fencehouses Service Station has been acquired by Top 50 Independent operator, Penny Petroleum Group through specialist business property adviser, Christie & Co.
The petrol filling station has an unbranded forecourt shop and additional income from two tenants, a long standing car sales business and a busy pizza takeaway.
David Penny, of Penny Petroleum Group, said: "We are very pleased to welcome this site on board, we believe it has great potential and will fit well within Penny Petroleum.
"We already have plans in place that will see us add more services, invest in new equipment and extend product ranges.
"We are looking forward to seeing this site develop and grow."
Andrew Birnie, Director at Christie & Co’s Newcastle office who handled the transaction, added: “The previous owner wanted to sell in order to retire from petrol retailing and the site offered huge growth potential by increasing the shop size and introducing convenience and off-licence goods.
"The site also benefited from excellent rental income from the two tenants and strong fuel sales. We expect this to be an excellent addition to the Penny Petroleum Group.”
The site was purchased at an undisclosed price.