Electrifying sSale for Pigeon and the Ifield Group of Norwich Electric Forecourt

Posted by Colliers on 7th November 2023 -

Colliers has advised Pigeon and the Ifield Group on the sale of the freehold ground lease investment of a purpose built 36-bay electric forecourt at Broadland Gate, Norwich to Wesleyan Assurance Society. 

The commercial real estate firm, acting on behalf of Pigeon/Ifield Group, marketed the GRIDSERVE Electric Forecourt ground lease investment just outside Norwich which sits within Broadland Gate, the 48-acre development site joint venture between Pigeon and the Ifield Group. 

Construction of the multi-million-pound forecourt development was completed in 2022 by the tenant and provides includes 22 ultra-rapid 350kWH chargers plus a further eight Tesla charging points (let by the of way a sub-lease) and six fast 22kWH chargers. The first floor 5,762 sq ft airport-style lounge houses the forecourt amenities including M&S Food, Costa Coffee, WH Smith and the Post Office. Further features include meeting rooms which can be booked by the hour and an electric vehicle display with test drive facility, which is operated by GRIDSERVE.  

The design incorporates a 32kW, 130 module rooftop photovoltaic system, ground source heat pumps and a rainwater harvesting system. The building boasts an A+ EPC Rating. The plot is let on a ground lease to Norwich East Electric Forecourt Ltd, a subsidiary of GRIDSERVE Holding Company Limited, until 2050 with annual index linked reviews. The current passing rent is £159,124.99 per annum. 

Hugh French, Developer Director 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 & Roadside team 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 purchaser Wesleyan Assurance Society were represented by Barry Riley of 23. 

---

The Landsite - The destination for property developers and investors.