Wilkes Advises Wesleyan on Landmark Electric Forecourt Investment Acquisition
Wilkes is proud to announce its role in advising Wesleyan on the acquisition of the freehold ground-rent interest in the UK’s first electric forecourt investment. The transaction involved the purchase of the interest in a purpose-built 36-bay electric forecourt leased to and managed by Gridserve for a remarkable 30-year term.
This groundbreaking investment, located at a prime position fronting one of Norfolk’s busiest road intersections, represents a multi-million-pound development by Gridserve that was completed in 2022. The facility boasts 22 ultra-rapid chargers, 8 Tesla chargers, and 6 fast chargers, in addition to a 5,700 sq ft high-quality amenity hub housing well-known brands such as M&S Food, Costa Coffee, WH Smith, and the Post Office.
The electric forecourt also boasts an impressive EPC rating of A+. This achievement is made possible through the integration of a rooftop photovoltaic system, ground source heat pumps, a rainwater harvesting system, and a substantial battery storage facility.
Mark Hodgson, Partner in the Wilkes Real Estate team, commented on the acquisition, saying,
“This project represents a unique and significant step forward in the UK’s transition to sustainable and environmentally responsible energy sources. The acquisition of the freehold ground-rent interest in this electric forecourt investment aligns perfectly with Wesleyan’s commitment to a greener future and is a testament to their forward-thinking approach.”
Tom Holland, Property Asset Manager at Wesleyan, expressed his enthusiasm for the acquisition, saying,
“This investment is a reflection of Wesleyan’s dedication to innovation and environmental responsibility. We are excited to be at the forefront of this transformative shift toward sustainable energy solutions.”
The acquisition was a collaborative effort involving a dedicated team from Wesleyan and Wilkes, Freeths who acted for Pigeon, the original estate developer, 23, Propitas and Colliers.
Wesleyan’s acquisition of the first electric forecourt investment in the UK is not just a significant business move but also a clear demonstration of their commitment to sustainability and the development of innovative, eco-friendly infrastructure.